If you live in the US, you might not know the name Huawei. So, the idea that the Chinese company could become the No. 1 phone maker in the world in 5 years seems far fetched. But that's just what the company is aiming for, according to The Wall Street Journal.
"We want to be the number-one smartphone maker in the world. It's a long distance race, and we have the patience," Yu said, according to the Journal.
Huawei owns an 8.3 percent share of the global smartphone market, compared to 23 percent for Samsung and 15 percent for Apple, according to research firm Gartner. While Samsung's smartphone sales stayed flat and Apple's dipped 14 percent since last year, Huawei's sales in the first couple of months of 2016 were up 59 percent from 2015.
That increase was with minimal sales in the US, but Yu said Huawei has plans to expand their presence in the States. The company has also dedicated $9.2 billion dollars to research and development, said the Journal, with the hopes of making a more polished product.
"Our growth is mainly coming from the high-end, premium segment," Yu said. "If you want to be the leading vendor you have to lead in the high-end."
Apple, Samsung, and Huawei did not immediately respond to CNET's request for comment.