:00:32. > :00:43.Tesla unveils its new model. Apple celebrates its 40th birthday and we
:00:44. > :00:55.meet the co-founder who sold his 10% stake back them for 800 arcs! --
:00:56. > :01:01.back then. Good morning. Welcome to the programme. If you are watching
:01:02. > :01:06.in Britain, you are trying to get to work. If me ten minutes and I will
:01:07. > :01:12.give you are fascinating and exciting snapshot of all the latest
:01:13. > :01:19.in business. Coming up, Chinese factories. It is exciting stuff! We
:01:20. > :01:21.will talk to Ali Moore, in Singapore.
:01:22. > :01:25.We start with the world of electric cars - and a hugely important day
:01:26. > :01:30.In the last hour it has unveiled this - its big hope for the future -
:01:31. > :01:37.Up until now Tesla has made expensive electric cars for wealthy
:01:38. > :01:40.drivers who can afford a price tag of $75,000 and up.
:01:41. > :01:43.But at less than half the price - the Model 3 is Tesla's attempt to
:01:44. > :01:46.get more of us to ditch petrol and diesel and bring electric
:01:47. > :01:54.Tesla's been very successful as a niche manufacturer but if it wants
:01:55. > :01:57.to sell cars to the mass market it will have to take on the big
:01:58. > :02:02.established names - many of them are now offering full electric cars.
:02:03. > :02:07.Let's remind you of what it's up against - Nissan's Leaf was
:02:08. > :02:11.the first mass-market plug-in car when it launched in 2010.
:02:12. > :02:15.It's one of the cheapest - at the equivalent of $29,000.
:02:16. > :02:21.Last year it sold more than 43,000 cars around the world.
:02:22. > :02:24.Just over year ago BMW entered the fray with this -
:02:25. > :02:30.It's a fair bit more expensive - but still managed to sell almost
:02:31. > :02:37.Other big carmakers have been plugging into the market with
:02:38. > :02:39.electric versions of their best selling cars, like the Ford
:02:40. > :02:46.But the problem with all of them is this: range.
:02:47. > :02:49.Around 100 miles on a single charge is just not
:02:50. > :03:04.The Tesla Model 3 is promising to give double the range -
:03:05. > :03:15.around 200 miles - for a price tag from $35,000.
:03:16. > :03:18.Tesla hopes it will attract buyers who would normally go for cars
:03:19. > :03:22.like the Audi A4 and BMW 3 series and allow them to finally take
:03:23. > :03:36.Let's speak to David Bailey. He got up nice and early for us. Nice to
:03:37. > :03:42.see you. For the electric cars, it all comes down to the tree and we
:03:43. > :03:50.know that Tesla has invested $5 billion plus into that. 250 miles
:03:51. > :03:56.for the layman like myself does not sound too bad! That is the holy
:03:57. > :04:02.Grail. Can they have significant range at an affordable price? The
:04:03. > :04:08.key is that the battery cost. The factory should produce half million
:04:09. > :04:14.batteries and drive the price down significantly. At the moment, half
:04:15. > :04:20.the cost is the battery. If they can bring it down they can sell to the
:04:21. > :04:32.mass market. Apparently people have been lining up to pay at does the --
:04:33. > :04:37.$1000 deposit. 150,000 people have put down deposit according to Tesla.
:04:38. > :04:43.But I am wondering, will this car before Tesla what the iPhone is for
:04:44. > :04:51.Apple? This is one of the most eagerly awaited cars in automotive
:04:52. > :04:56.history. People have been queueing up, putting down deposits, and that
:04:57. > :05:05.will bring in hundreds of millions of dollars, real cash boost. They
:05:06. > :05:10.will be hoping to increase the markets and scaling down production.
:05:11. > :05:18.-Million hopefully. -- scaling up. We may look back at this moment in
:05:19. > :05:20.the years to come as being A significant car in bringing the
:05:21. > :05:33.electric vehicle into the mass market. Will this spurred some of
:05:34. > :05:39.the other manufacturers to also get involved? There will be increased
:05:40. > :05:44.competition. One of the challenges is time like this, General Motors
:05:45. > :05:50.will trying get their vehicle to market before theirs. Tesla is
:05:51. > :05:58.moving into the mass market but the electric car competition is hotting
:05:59. > :06:05.up. Thank you for joining us. In Asia, there are good signs that the
:06:06. > :06:15.slowdown could be improving. I always say it, let's get more from
:06:16. > :06:21.Ali Moore, in Singapore. Sex up PM eyes for us! We have lots of
:06:22. > :06:25.economic news out of China and not a lot of that has been positive.
:06:26. > :06:30.Yesterday, standard and Poor downgraded its outlook for the
:06:31. > :06:35.economy but today's news is on the good side. They have been a lot
:06:36. > :06:42.busier than people have thought. It is called the purchasing
:06:43. > :06:48.manufacturer index, it measures activity, and it rose to 50.2 in
:06:49. > :06:52.March. It is up only marginally from the previous month that this is the
:06:53. > :06:56.key, it is just over that 50 point mark and that is that the market
:06:57. > :07:02.that separates growth from contraction and analysts had not
:07:03. > :07:08.predicted that. In dust for profits were higher so basically people are
:07:09. > :07:19.feeling better. But do not hold your breath. -- industrial profits. Great
:07:20. > :07:27.stuff. We will talk to you soon. We are also going to take look at big
:07:28. > :07:30.the big business world - because forty years ago today three young
:07:31. > :07:33.a computer company in an apartment in Mountain View California.
:07:34. > :07:36.The rest, as they say, is history - Apple is now worth $600 billion.
:07:37. > :07:45.We all know the story of the late Steve Jobs.
:07:46. > :07:48.The nerdier among us will also know about the flamboyant Steve Wozniak.
:07:49. > :07:51.But there is a reason few can name the third co-founder of Apple.
:07:52. > :07:53.Ronald Wayne was the man behind the famous logo,
:07:54. > :07:58.but sold his ten per cent stake early on for a few hundred dollars -
:07:59. > :08:06.in what proved to be one of the most expensive decisions in history.
:08:07. > :08:14.The BBC's Dave Lee went to speak to him and found he had few regrets.
:08:15. > :08:23.anniversary in jobs had this focus. Once he got an idea in his head,
:08:24. > :08:29.that was the and you never wanted to be in between him and where you
:08:30. > :08:33.wanted to go or you wound up with footprints on your forehead. This is
:08:34. > :08:39.the contract. He regarded me as something of eight minor mental
:08:40. > :08:47.because I had somewhat more diplomatic way. The problem he was
:08:48. > :08:52.having was with Steve. It took me 45 minutes, less than an hour to get
:08:53. > :09:01.him to understand that you could not do it that way for eight is this
:09:02. > :09:11.enterprise. OK, fine. -- 48 business enterprise. He then said we were
:09:12. > :09:18.going to form A company and 12 days later we had the contract. They had
:09:19. > :09:23.not to Nicholls together but I had our house. Some months later I get
:09:24. > :09:40.the letter in the mail with the cheque with $1500. -- not to
:09:41. > :09:46.dollars. I figured that I had already signed off the contract so I
:09:47. > :09:54.thought it was found money so I went in and signed. People would watch
:09:55. > :10:00.this and say, surely, you must often think, as you go to sleep, of what
:10:01. > :10:04.could have been? I knew exactly what would have been if I stayed with the
:10:05. > :10:08.company. I would have wound up having very large documentation
:10:09. > :10:13.department at the back of the building, shuffling papers for the
:10:14. > :10:17.next 20 years of my life and that is not their future I saw for myself.
:10:18. > :10:20.God love him. In other news: Chinese telecoms
:10:21. > :10:23.giant Huawei says profits were up more than a third last year
:10:24. > :10:26.after the strongest revenue growth It's network equipment division is
:10:27. > :10:29.benefiting from the adoption of 4th generation mobile services
:10:30. > :10:33.across China. It also became the first Chinese
:10:34. > :10:37.company to sell more than 100 million smartphones in a year
:10:38. > :10:41.in 2015 - revenues in its comsumer division soared more than 70% - it's
:10:42. > :10:48.now the world number three handset company after Samsung and
:10:49. > :10:51.Apple Chinese insurance firm Anbang says it has abandoned its 14
:10:52. > :10:53.billion dollar bid for Starwood Hotels - the owner of the Sheraton,
:10:54. > :10:58.Westin and St Regis hotel chains. It marks an end to
:10:59. > :11:01.a bidding war with hotel giant Marriott - which is planning to
:11:02. > :11:14.create the world's biggest hotel Follow me on Twitter. It will be
:11:15. > :11:22.back to have look at the papers later.
:11:23. > :11:26.Greater Manchester becomes the first part of England to take