VW's e-Golf [AP/Jens Meyer

Volkswagen is moving faster to cut up to 23,000 jobs and shift the savings to electric and self-driving car technology, Reuters reports. The company plans to create 9,000 new positions in advanced batteries and mobility services.

Volkswagen isn't alone among carmakers cutting jobs — GM and Ford have both announced significant layoffs, also with an eye toward increasing their focus on electric-car and self-driving technologies. Last month, Ford abruptly fired CEO Mark Fields and replaced him with Jim Hackett, head of its automated-vehicle division.

Why it matters: The U.S. car market peaked last year, but these cuts are about more than the ebb and flow of auto sales. The globe's top auto executives see an existential threat in the form of upstart electric and self-driving car technologies. They know that winning the next five or ten years won't be about building a better internal combustion engine or creating the best marketing campaign, but the next-generation of automotive technologies.

Go deeper

Updated 47 mins ago - Politics & Policy

Voters in Wisconsin, Michigan urged to return absentee ballots to drop boxes

Signs for Joe Biden are seen outside a home in Coon Valle, Wisconsin, on Oct. 3. Photo by KEREM YUCEL via Getty

Wisconsin Democrats and the Democratic attorney general of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes, warning that the USPS may not be able to deliver ballots by the Election Day deadline.

Driving the news: The Supreme Court rejected an effort by Wisconsin Democrats and civil rights groups to extend the state's deadline for counting absentee ballots to six days after Election Day, as long as they were postmarked by Nov. 3. In Michigan, absentee ballots must also be received by 8 p.m. on Election Day in order to be counted.

55 mins ago - Technology

Facebook warns of "perception hacks" undermining trust in democracy

Photo Illustration: Sarah Grillo/Axios. Photo by Jamie Squire/Getty Images

Facebook warned Tuesday that bad actors are increasingly taking to social media to create the false perception that they’ve pulled off major hacks of electoral systems or have otherwise seriously disrupted elections.

Why it matters: "Perception hacking," as Facebook calls it, can have dire consequences on people's faith in democracy, sowing distrust, division and confusion among the voters it targets.

Obama: Trump is "jealous of COVID's media coverage"

Former President Barack Obama launched a blistering attack on President Trump while campaigning for Joe Biden in Orlando on Tuesday, criticizing Trump for complaining about the pandemic as cases soar and joking that he's "jealous of COVID's media coverage."

Driving the news: Trump has baselessly accused the news media of only focusing on covering the coronavirus pandemic — which has killed over 226,000 Americans so far and is surging across the country once again — as a way to deter people from voting on Election Day and distract from other issues.