Yu Chengdong, CEO of Chinese telecom giant Huawei, revealed at an industry summit on Thursday that the firm’s auto sector is the only part of its business losing money after its cloud sector turned a profit this year. He also mentioned that Huawei has spent over a billion dollars annually on auto research and development, with 70% of the budget going into auto pilot technology. At the summit, Yu also advocated phasing out of internal combustion engine-fueled vehicles to reduce energy consumption. The Huawei-backed Aito M7 recorded 60,000 orders within three days of its launch earlier this week. [STCN, in Chinese]
Correction: an earlier version of this article misidentified Aito M7’s order number.