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Good morning from the newsroom of the Financial Times.

Today is Friday, March 1st, and this is your FT news briefing.

Today, Tesla Chief Executive Elon Musk announces a $9,000 price cut for the model 3. Retailer Gap reveals plans to split itself in 2.

HBO Chief Executive Richard Pleppler is leaving the network after almost three decades and Israel's attorney general intends to

indict Prime Minister Benjamin Netanyahu on corruption charges. Then the F.T.'s

Hannah Kuchler tells us about the US biotech startup that's raising money for research into ending genetic diseases.

I'm Eric Krepki and here's the news you need to start your day.

Tesla Chief Executive Elon Musk achieved a long-held goal for the first mass-market

car on Thursday. He announced a version of the Tesla Model 3 at $35,000.

That's $9,000 less than the previous lowest price

for the vehicle.

The price cut was seen as an essential part

of reaching the level of sales

that Mr. Musk had promised his investors. He wants to sell 1 million vehicles a year.

But the prospect of rapid price cuts and the damage they could inflict on profit margins

has also left investors on edge.

To offset some of the impact from the price cuts, Tesla said it would cut costs by shifting

all of its sales to online.

That would save the company number of its stores as

Tesla said it would maintain a small number of its stores as galleries,

...