Shenzhen, June 4 (TIWN) Chinese tech giant Huawei has denied reports that it has cut down smartphone manufacture, thus suspending a number of production lines at its major supplier Foxconn.

"Foxconn, the Taiwanese electronics manufacturer that assembles handsets products for many phone brands including Apple and Xiaomi, has stopped several production lines for Huawei phones in recent days as the Shenzhen company reduced orders for new phones, according to people familiar with the matter, who asked not to be named as the information is private," the South China Morning Post had reported.

The tech titan is also reassessing its target to become the world's top-selling smartphone vendor by 2020, after the US trade ban has been put in place.