Partnering with Wells Fargo (WFC) and U.S. Bank (USB), Tesla said it has created a new kind of financing product "that combines the surety and comfort of ownership with all the advantages of a traditional lease."
Wells Fargo and US Bank have agreed to put down 10% financing of the purchase price of the Model S with the 10% payment covered by state and federal tax credits. Customers will still have to put down the down payment, but the financing is cheap, with an interest rate of less than 3%, said CEO Elon Musk.
"This announcement is about improving affordability and giving people peace of mind," Musk said. "I do expect that demand will respond accordingly." Musk added that he expects at least half of Tesla's customers, maybe more, will choose this option.Tesla Announces 'More Affordable' Model S
Verizon Communications (VZ - Get Report) denied press speculation it is looking to partner with AT&T (T) to buy Vodafone (VOD), the U.K. cellphone company that owns 45% of Verizon Wireless. Verizon owns the other 55% of Verizon Wireless. Verizon did say it was still interested in buying out Vodafone's stake in Verizon Wireless. "It does not, however, currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others," Verizon said in a statement. Verizon Thrives In A Digital World That Needs To Stay Connected
Pfizer (PFE - Get Report), Novartis (NVS) and Abbott Laboratories (ABT) are bidding for Brazil's Ache Laboratorios Farmaceuticos in an auction that may value the company at more than $5 billion, people familiar with the matter told Reuters. Ache ranks fourth in terms of overall Brazilian drug sales but leads in prescription medicines, according to Reuters.
The next iPhone from Apple (AAPL - Get Report) could be launched this summer, according to The Wall Street Journal. Apple plans to begin producing a refreshed iPhone similar in size and shape to its current one within the next three months, the report said. Apple also is working on a cheaper iPhone model, the newspaper reported Tuesday. Is a New iPhone On The Way?
Monsanto (MON - Get Report) is expected by Wall Street on Wednesday to report fiscal second-quarter earnings of $2.58 a share on revenue of $5.29 billion.
ConAgra Foods (CAG) is expected by analysts to post earnings of 56 cents a share in its fiscal third quarter on revenue of $3.87 billion.
-- Written by Joseph Woelfel
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