Illustration: Rebecca Zisser/Axios

Daimler announced over $1 billion in job cuts over the next three years on Thursday, citing the costs of moving the company toward a more climate-friendly product line and meeting EU emissions targets.

Why it matters: The German auto behemoth's announcement is a sign of how the wider industry's movement toward electric vehicles and automated technology will be a bumpy ride.

  • "Daimler has been burning through cash in the past few months as it grapples with the cost of electrification," the Financial Times notes.
  • The company has various climate and EV goals, such as having plug-ins and full electrics comprising over 50% of Mercedes-Benz car sales by 2030.

The big picture: It also comes amid sluggish global auto sales. The company, at an investor presentation Thursday, cited "headwinds" from trade disputes and "overall economic uncertainty."

What they're saying: CEO Ola Källenius said that the company's metamorphosis will have a "negative impact" on earnings in 2020 and 2021.

  • "The expenditure needed to achieve the CO2 targets require comprehensive measures to increase efficiency in all areas of our company. This also includes streamlining our processes and structures," he said in a statement.

Quick take: U.S. automakers are hardly immune from the climate and EV-related forces that are acting on Daimler — pressures that would grow stronger if a Democrat wins the White House.

  • As Axios' Joann Muller pointed out during the now-ended strike at General Motors, that dispute was in part a sign of how automakers' traditional business models will have to change.

Go deeper: Electric vehicles see both gains and growing pains

Go deeper

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Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

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Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

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Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.