What's going on?

EV maker Rivian gave it some gas this week, announcing a quarterly results update that made investors take notice.

What does this mean?

Supply snags have been a pretty unshakeable thorn in the EV industry�s side this year, so investors were probably worried that Rivian�s wound would still be sore to touch. But there was no need to be squeamish: the EV maker made 67% more cars this quarter than the last, with over 7,000 of them passing through the production line this time round. And that wasn�t the only promising number: demand�s fit as a fiddle too, with pre-orders of the firm�s R1 cars climbing a tidy 16%. All in all, then, Rivian posted a smaller-than-expected loss, and doubled down on its full-year production target of 25,000 cars. That optimism was infectious: investors sent the firm�s shares up 7% when the news broke.

Why should I care?

For markets: No one�s taking risks.
Despite that vote of confidence, Rivian�s shares are still down 70% over the last year. Mind you, that makes sense: with interest rates on the up and a recession nearing, investors are seeking safer harbors � you know, like businesses that are actually making money. Rivian�s just not there yet: it has a comfy cash cushion, sure, but it really needs to scale up if it wants to shrink its costs and inch toward making profit. After all, analysts estimate each $81,000 vehicle cost a staggering average of $220,000 to make last quarter.

The bigger picture: Mining drags its heels.
Good news: the International Energy Agency believes that investment in oil extraction is low enough to bring us close to the net-zero pathway. Bad news: the mining sector could slow us down. See, some of the crucial materials needed to make batteries for eco-friendly EVs are in short supply � and the industry�s spending less than half what it did a decade ago on discovering those all-important deposits.