Chinese technology giant Huawei, which is focusing on optimizing its portfolio to boost business resilience, will invest $1 billion in smart car technologies in 2021, the media reported.

The new investment that the company is making this year will focus on building components for smart vehicles, including software platforms for self-driving cars, CGTN reported on Tuesday, citing Huawei’s Rotating Chairman Eric Xu.

Speaking at Huawei’s 18th Global Analyst Summit in Shenzhen on Monday, Xu said that Huawei will strengthen its software capabilities and invest more in businesses that are less reliant on advanced process techniques, as well as in components for intelligent vehicles.

Huawei faced a tough year last year as restrictions imposed by the US impacted its smartphone business and increased scrutiny of its 5G technologies.

Xu said that Huawei will maximise 5G value and define 5.5G with industry peers to drive the evolution of mobile communications and innovate to reduce energy consumption for a low-carbon world.

“Rebuilding trust and restoring collaboration across the global semiconductor supply chain is crucial to bringing the industry back on track,” Xu said.

The Huawei’s Rotating Chairman predicted that many of the challenges the world is facing today will continue for some time to come.

“Moving forward, we will continue to find ourselves in a complex and volatile global environment,” Xu said said.

“Resurgence of Covid-19 and geopolitical uncertainty will present ongoing challenges for every organisation, business, and country.”

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