Benzinga | May 19, 2021 06:53AM EDT

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 (OTC: XIACF) (OTC: XIACY) earmarked $10 billion for EV (electric vehicle) business development over the next decade.

* Internet firm Baidu Inc (NASDAQ: 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 (NASDAQ: TSLA), Xiaomi, NIO Inc (NYSE: NIO), and XPeng Inc (NYSE: 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.