Huawei’s car business swings to first-half profit on strong revenue growth

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Huawei’s automotive business unit swung to a net profit of RMB 2.23 billion ($313 million) in the first six months of this year, while revenue more than doubled to over RMB 10.4 billion, boosted by surging demand for partner Seres’ electric vehicles. The unit had losses of RMB 7.6 billion and RMB 5.6 billion in the last two years. The wholly-owned subsidiary of Huawei, also called Newcool, is set to absorb its car business unit. Seres accounted for more than 60% of Newcool’s revenue in the first six months of this year, according to the filing. [TechNode reporting, Seres filing, in Chinese]