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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

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.