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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

16 mins ago - World

Report: "Clear evidence" China is committing genocide against Uyghurs

The scene in 2019 of a site believed to be a re-education camp where mostly Muslim ethnic minorities are detained, north of Kashgar in China's northwestern Xinjiang region. Photo: Greg Baker/AFP via Getty Images

Chinese authorities have breached "each and every act prohibited" under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China's Xinjiang province, an independent report published Tuesday alleges.

Why it matters: D.C. think-tank the Newlines Institute for Strategy and Policy, which released the report, said in a statement the conclusions by dozens of experts in war crimes, human rights and international law are "clear and convincing": The ruling Chinese Communist Party bears responsibility.

Updated 2 hours ago - Technology

Twitter sues Texas AG Ken Paxton

Texas Attorney General Ken Paxton at February's Conservative Political Action Conference in Orlando, Florida. Photo: Joe Raedle/Getty Images

Twitter on Monday filed a lawsuit against Texas Attorney General Ken Paxton (R), saying that his office launched an investigation into the social media giant because it banned former President Trump from its platform.

Driving the news: Twitter is seeking to halt an investigation launched by Paxton into moderation practices by Big Tech firms including Twitter for what he called "the seemingly coordinated de-platforming of the President," days after they banned him following the Jan. 6 Capitol insurrection.

7 hours ago - Politics & Policy

Senate retirements could attract GOP troublemakers

Sen. Roy Blunt (R-Mo.). Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Sen. Roy Blunt's retirement highlights the twin challenge facing Senate Republicans: finding good replacement candidates and avoiding a pathway for potential troublemakers to join their ranks.

Why it matters: While the midterm elections are supposed to be a boon to the party out of power, the recent run of retirements — which may not be over — is upending that assumption for the GOP in 2022.