Nov 11, 2017

Detroit vs. Tesla

Old-school automakers just might steal Tesla's thunder, according to the Barron's cover story, by Andrew Bary:

The CW: "Electric cars are widely expected to supplant vehicles powered by the internal-combustion engine, leaving traditional auto makers and their gasoline- and diesel-powered clunkers in a heap of rust."

"This dismissive view is especially prevalent on Wall Street, where shares of the leading auto manufacturers trade for a mere six to 11 times 2017 expected earnings, and sport dividend yields as high as 5%."

The takeaway: "[E]ven as electric cars, autonomous vehicles, and car sharing disrupt the status quo, the global auto industry could prove resilient, and reward customers and shareholders in myriad ways."

What's new: "Pressured by investors and the success of Tesla in electric vehicles, auto manufacturers are getting more shareholder friendly, and spending heavily to counter the upstart."

An x factor: "It remains to be seen if autonomous cars and ride-sharing programs gain much acceptance, even in densely populated urban areas. Part of the bear case for auto stocks is that a surge in ride sharing in the 2020s will cut into demand."

Go deeper

Pentagon watchdog sidelined by Trump resigns

Fine testiying before the Senate Judiciary Committee in 2017. Photo: Drew Angerer/Getty Images

Glenn Fine, the Pentagon's principal deputy inspector general, submitted his resignation on Tuesday.

Why it matters: President Trump removed Fine as the Pentagon's acting inspector general in April 7 after a group of independent federal watchdogs selected him to lead the Pandemic Response Accountability Committee, which was set up to oversee the rollout of the $2 trillion coronavirus relief bill.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 5,534,728 — Total deaths: 347,587 — Total recoveries — 2,260,945Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 1,667,154 — Total deaths: 98,371 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. 2020: Trump pushes for a polarized pandemic election.
  4. States: Michigan Gov. Gretchen Whitmer says "I can’t for the life of me understand" Trump’s antagonism toward her state — New York reports lowest number of new coronavirus deaths since March.
  5. Public health: The final data for remdesivir is in and its benefits are rather limited.
  6. Education: A closer look at how colleges can reopenNotre Dame president says science alone "cannot provide the answer" to reopening.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 54 mins ago - Politics & Policy

New York reports lowest number of daily coronavirus deaths since March

The number of daily new coronavirus cases and deaths reported in New York was the lowest since the state started its lockdown in March, Gov. Andrew Cuomo said Tuesday, calling Memorial Day a "pivot point" for New York.

By the numbers: 73 New Yorkers died from coronavirus in the past 24 hours, and 200 people tested positive. Hospitalizations and intubations also decreased.