Apple took advantage of the gap in the high-end market left by Huawei and found success with the with the iPhone 13 which had strong camera and 5G features.
"We're not currently working on the $25,000 car," Musk said. " At some point we will. We have enough on our plate right now. Too much on our plate, frankly."
Chinese tech company Baidu and auto manufacturer Geely are putting more money into the electric car venture Jidu that they partnered on just about a year ago.
With the launch of the P50 Pro and P50 Pocket, Huawei is backing its consumer business despite plunging market share as a result of continuing U.S. sanctions.
"There are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection," says the International Monetary Fund.
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