SHENZHEN, China (Reuters) -Chinese telecoms equipment maker Huawei Technologies will invest more in businesses that are less reliant on advanced process techniques, it said on Monday, citing U.S. sanctions that have reduced its access to high-end semiconductors.

Huawei’s rotating chairman, Eric Xu, also said the company has “no expectation” of being removed from the U.S. Entity List, which has been used to limit the flow of U.S. technology and products to Huawei and others, under the administration of U.S. President Joe Biden.

Speaking to analysts, Xu said that the company would invest more in components for self-driving vehicles, with investment in its intelligent driving business exceeding $1 billion this year.

He also said that Huawei’s global rollout of 5G telecoms networks has “exceeded expectations”.

Huawei was put on an export blacklist by former U.S. President Donald Trump in 2019 and barred from accessing critical technology of U.S. origin, affecting its ability to design its own chips and source components from outside vendors.

Xu told a briefing that this year the company can focus on forming a clear strategy after last year’s sanctions impact, which he said led some Chinese companies to stockpile three to six months of semiconductors and was the main cause of a global chip shortage.

(Reporting by David Kirton; Writing by Tony Munroe; Editing by David Goodman and Ana Nicolaci da Costa)