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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

11 mins ago - World

Barbados becomes a republic, replacing U.K. queen with president

Combination images of Dame Sandra Mason, president of Barbados, and Britain's Prince Charles at her swearing-in ceremony in Bridgetown, Barbados, late Monday.

Barbados officially became a republic at midnight local time after Dame Sandra Mason was sworn in as the Caribbean nation's first president in a ceremony attended by the United Kingdom's Prince Charles.

Why it matters: Mason replaced Britain's Queen Elizabeth as head of state Tuesday — removing the country's final remaining colonial tie to the U.K. almost 400 years after the first British ships arrived in Barbados.

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

4 hours ago - Politics & Policy

Congress sprints to meet crush of deadlines

Illustration: Aïda Amer/Axios

Congressional leaders have been pushing off vital action for months — and a lot of it will catch up with them in December, which begins Wednesday.

Driving the news: Funding for the federal government is set to expire at midnight on Friday. There are also consequential deadlines related to the debt limit, President Biden's agenda and annual actions like voting on the National Defense Authorization Act.

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