Electric cars on the cover of The Economist ... "The death of the internal combustion engine — It had a good run. But the end is in sight for the machine that changed the world":

  • "The shift from fuel and pistons to batteries and electric motors is unlikely to take that long. The first death rattles of the internal combustion engine are already reverberating around the world."
  • Why it matters: "Compared with existing vehicles, electric cars are much simpler and have fewer parts; they are more like computers on wheels. That means they need fewer people to assemble them and fewer subsidiary systems from specialist suppliers.
  • "With less to go wrong, the market for maintenance and spare parts will shrink. While today's carmakers grapple with their costly legacy of old factories and swollen workforces, new entrants will be unencumbered."

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Breaking down the Tesla obsession

Illustration: Sarah Grillo/Axios

Tesla is the company of the moment — the prime exemplar of just about any big and important trend that you might care about.

Why it matters: Almost every reader of finance and business news will have at least one strongly-held opinion about Tesla. What you might not realize is just how widely those opinions range, and the degree to which they map onto much broader views of the world.

Gallup: Party preference swings dramatically in favor of Democrats

Photo: Jim Watson/AFP via Getty Images

Americans' political party preferences have swung sharply from a 2-point Republican advantage in January to an 11-point Democratic advantage in July, according to Gallup's monthly averages of telephone polls in 2020.

The big picture: The dramatic shift is more a product of fewer people identifying as Republican or Republican-leaning (down 8% since January) than gains among those who identify as Democratic or Democratic-leaning (up 5%).

Nancy Pelosi: "I yearn for other Republican presidents"

House Speaker Nancy Pelosi (D-Calif.) called on President Trump Thursday to exercise "the full power" of the Defense Production Act to meet coronavirus equipment needs and accused him of engaging in a "massive dereliction of duty" by ignoring science during the pandemic.

What she's saying: "I yearn for other Republican presidents," Pelosi said at a press conference. "While we may have disagreed on many points, but at least we had a shared commitment to the governance of our country."