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Huawei announced on Tuesday that it has sold its brand of low-cost smartphones, “Honor”, to a local consortium due to “tremendous” pressures on its supply chain as a result of US sanctions. The “Honor” brand was bought by a consortium of 40 companies that includes agents, distributors and other companies whose lives depend on this brand, according to what Huawei and the consortium announced in separate statements. Huawei, one of the world’s three largest smart phone manufacturers, said its production was “under enormous pressure” because of the sanctions imposed by the United States that prevented it from obtaining enough electronic components to manufacture low-cost phones. “The sale will help Honor sellers and its suppliers through this difficult time,” Huawei said in a statement. Honor, the brand that mainly targets young people and those with limited budgets, according to Huawei, sells about 70 million phones annually. Huawei stressed in its statement […]