The CEO of Swedish telecoms company Ericsson has vowed that the company will double down on attempts to regain Chinese market share lost after the Swedish government blocked Chinese suppliers from its 5G roll-out, a move that antagonized Beijing and has impacted the equipment maker’s business in China, reports Reuters.
China accounted for about 10% of Ericsson’s revenue last year, but that fell sharply after the company’s home country of Sweden banned Huawei from its 5G networks, citing security risks–a charge that Huawei has strongly denied.
Ericsson was awarded about 2% of China Mobile’s 5G contract, down from 11% last year, and got a 3% share in a joint 5G radio contract from China Telecom and China Unicom. “We have been in China for 120 years and I don’t intend to give up easily,” Chief Executive Borje Ekholm said in an interview with Reuters. “We are going to show that we can add value to China.”