It can also mean "China" and "Power". Either translations are ....interesting
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They had to coach this guy in the video and come up with a phonetic equivalent that is readily understood by people unfamiliar with the IPA, and add into that the different dialects, it gets messy. In summary I think you're right, and one thing it most certainly isn't: Wow Way.
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Outside of that pun on their advertisement, naturally.
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"The name Huawei may be translated as "splendid act" or "China is able"; Hua can mean "splendid" or "China", while wei can mean "action" or "achievement".[21] In Chinese pinyin, it is Huáwéi,[22] and close in pronunciation to "Hwa Way" in Standard Chinese"
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The proof of this leaves a little bit wonton.
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Huawei marketing gurus probably figured, not without reason, that most guai-lo will get it wrong anyway, so they decided to make it something they considered cute and catchy.
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