Huawei sells Honor phone brand to ‘ensure’ its survival

Following last week’s report that a deal was imminent, Huawei announced the sale of its budget mobile brand Honor. Saying that the company ships over 70 million units annually, Huawei explains its reasoning for the sale as a way for Honor’s suppliers and dealers to survive despite the sanctions issued against Huawei by the US and other countries.

With politicians declaring the company a risk, they’ve blocked its access to chip suppliers and US companies like Google. Now Huawei “will not hold any shares or be involved in any business management or decision-making activities in the new Honor company,” although it’s unclear whether that will be enough to reconnect its business relationships.