Morning Beat: General Motors Company (GM), HSBC Holdings plc (ADR) (HSBC), Microsoft Corporation (MSFT)
General Motors Company (NYSE:GM)‘s European division Opel will begin working on a new five -seater electric car in 2017. Ampera-e is the name of the car that will come with underpinnings similar to those of the Chevrolet Bolt.
Confirming the news, CEO, Mary Barra said the car will offer greater electric range compared to other models already in the market. General Motors Company (NYSE:GM) is also planning to address pricing concerns by making Ampera-e affordable, for the mass market.
Most electric cars have problems reaching even 100 miles on a charge. It will be interesting to see what the automaker will offer.
HSBC Holdings plc (ADR) (NYSE:HSBC) has canceled plans to carry out pay freezes this year. Pay rises will, as a result, be catered for by the bank’s 2016 variable bonus pool that was to be used for 2017 bonuses. A hiring freeze announced earlier, however, remains in place.
Chief executive officer, Stuart Gulliver is believed to have changed his mind on pay freezes after listening to feedback from concerned parties. However, in a memo he notes that not all staff will get pay rises as proposed by managers as part of the 2015 pay review.
HSBC Holdings plc (ADR)(NYSE:HSBC) is in the process of cutting costs as it looks to shore up earnings in its lending unit having come under pressure in the recent past
Microsoft Corporation (NASDAQ:MSFT) has reached an agreement with Acer for the bundling of its apps in the latter’s smartphones. Powered by Android, Acer smartphones will, as a result, allow users to access the likes of Excel, Outlook, Skype, and OneDrive.
The agreement is a big coup for Microsoft Corporation (NASDAQ:MSFT) as it looks to immerse itself more into mobile having faltered a great deal with Windows Phone. The tech giant has already signed similar deals with the likes of Sony, Dell, and Asus.
Acer will start bundling the apps in the second half of the year. Such deals allow Microsoft to attract more people into its ecosystem as it looks to attract a huge subscription base for Office 365.
Tesla Motors Inc (NASDAQ:TSLA) has confirmed the availability of Model 3 for reservation starting March 31. The Model 3 will retail for $35,000 and is expected to mark the automaker’s entry into the mass market. For reservations, one will have to pay a deposit of $1,000.
Confirming the news CEO, Elon Musk, also said there will be no ‘signature’ edition with the mass market model as was the case with Model S and Model X. With the new car available for pre-orders Tesla Motors Inc (NASDAQ:TSLA) believes it could deliver up to 500,000 cars by 2020.
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