Huawei Appoints Consumer Electronics Business Lead Richard Yu As Smart Car Unit CEO: Bloomberg

Huawei Technologies Co has appointed its consumer electronics business leader Richard Yu as the CEO of its smart car solutions unit, Bloomberg reports.
Yu was already the car component director.
Yu departed as the CEO of Huawei’s cloud group, a position assumed in April. However, he will continue to lead the consumer electronics business.
Cloud division executive Zhang Pingan will become the CEO of the cloud group.
Smartphone maker Xiaomi Corp XIACF XIACY earmarked $10 billion for EV (electric vehicle) business development over the next decade.
Internet firm Baidu Inc BIDU is part of a joint venture spending of $7.7 billion on smart auto tech over five years.
Huawei has earmarked $1 billion spending on EV this year to take on the likes of Tesla Inc TSLA, Xiaomi, NIO Inc NIO, and XPeng Inc XPEV.
Huawei had to sell cars to offset the U.S. embargo-led mayhem on its smartphone business, Yu stated during a public speech at Huawei’s flagship store in Shanghai on April 20.