Eric Xu, rotating Chief Executive Officer of Chinese tech giant Huawei Technologies Co. Ltd., announced that the company is aspiring to become the biggest smartphone vendor in the Chinese market in five years.

Mr. Xu said Huawei is aiming to surpass and outperform foreign smartphone manufacturers Samsung Electronics and Apple Inc. in its homeland sometime in five years. Meanwhile, Huawei still plans to establish a stronger foothold in the global market as a "brand for high-end products".

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According to a report by Digitimes, Mr. Xu made the announcement in order to elucidate previous statements made by Richard Yu, Chief Executive Officer of Huawei's Consumer Business Group. He emphasized that the company is aiming to overtake Apple in two to three years and then Samsung in five years.

Recently, Huawei also announced that it aims to ship around 140 million smartphone units this year. Around 44 percent of those smartphones, the company said, will be from the mid-end and high-end categories. Huawei is expecting its Consumer Business Group to reach revenues of $30 billion this year and around $40 billion in 2018.

Earlier this month, Huawei announced in a press release that its Consumer Business Group had generated $19.9 billion in revenue in 2015. Three of its business segments combined (Carrier, Enterprise, and Consumer) all generated a total of $60.8 billion in revenue worldwide in 2015.

Huawei's Deputy Chairman and rotating Chief Executive Officer Guo Ping said, "In part, Huawei owes its long-term growth to the sheer size of the ICT market, which is the driving force of digital economies around the world. However, our growth is also a direct result of strategic focus and heavy investment in our core businesses. Over the next three to five years, we will concentrate on enhancing connectivity, enabling the development of vertical industries, and redefining network capabilities."

"With an open and collaborative approach, and a commitment to shared success, we will work closely with our customers and partners to maximize industry development opportunities. Together, we will build a Better Connected World." Ping added.

TagsHuawei Largest Smartphone Vendor Five Years China, Chinese smartphone news, Huawei Technologies Co. Ltd., Huawei Smartphones 2016