Tesla and Rivian topped expectations on electric vehicle deliveries over the past three months, an early sign that elevated gas prices may be giving EV demand a lift.

Why it matters: EVs had been down in the dumps for an extended period, but with gas now far above $4 per gallon, some consumers appear to be giving them a second look.

The latest: Third-quarter delivery figures announced this morning proved encouraging for EV companies:

• Tesla delivered 486,532 vehicles in the quarter, 1.3% more than the second quarter, and topping average analyst expectations of about 462,000.
• Rivian delivered 19,248 vehicles during the same period, up from 12,194 over the prior three months, and exceeding average FactSet expectations of 18,000 units.

Between the lines: After gas prices spiked in the spring due largely to the war with Iran, EV sales started to show signs of momentum.

• The segment represented 7.9% of U.S. light-duty vehicle sales in the second quarter, up from 6.3% in the first three months of the year, according to a report released last week by the Alliance for Automotive Innovation. (Third quarter market share figures were not yet available.)

Reality check: The biggest winner so far — as Toyota showed yesterday — might be hybrids.

• Industrywide EV sales were down year over year in the second quarter, according to the Alliance report.
• And despite Tesla's sequential gain in Q3, its deliveries were down 2.1% compared to the same period last year.

The bottom line: While the larger demand trend line is still moving lower, the economic appeal of EVs is gaining some recent steam.

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Nike shares have fallen over 6% since yesterday afternoon when the company reported a weaker-than-expected quarter, a disappointing outlook for the rest of the year, and unveiled a broad strategic overhaul aimed at fixing problem areas that have weighed on its business, Axios' Pete Gannon writes.

• 📉 Shares are down nearly 55% over the past 12 months.

State of play: The sportswear giant announced a restructuring plan yesterday that it expects to save $2.5 billion over the next five years.

• The plan — which will include more job cuts — includes modernizing its global supply chain, a geographical realignment and cost reductions.

🔍 Between the lines: While Nike tries to refocus on its sports portfolio, where it feels it's making progress, the bulk of its revenue still comes from its lifestyle products, and that's an area — along with its Jordan Brand and China business — that continues to struggle.

• "We're taking deliberate actions to strengthen those businesses, but realizing the full benefit of those efforts will take time," CEO Elliott Hill said on Nike's earnings call.

The bottom line: Amid a five-year share decline, Nike investors are surely saying "just do it."

🎬 The combined Paramount-Warner Bros. Discovery company will be named Skydance with the ticker SKYD. The name pays tribute to David Ellison's two-decades-old production company which merged with Paramount last year. (Axios)

🏛️ The DOJ said it won't reopen its criminal investigation into former Fed chair Jerome Powell over the central bank's costly headquarters renovation. (Axios)

✈️ Boeing's previously reported 737 MAX software glitch doesn't pose a flight-safety issue, an FAA panel found, removing a barrier to certification for Boeing's final variant of its bestselling 737. (WSJ)

🤖 Jay Clayton, the U.S. director of national intelligence, is expected to be tapped for an additional role as the White House's AI czar. (Axios)

Keurig Dr Pepper is rolling out plastic-free coffee pods after years of scrutiny over the waste from its single-serve drinks.

State of play: The new product — called AltaRounds — wraps "pressed coffee grounds in a plant-based coating derived from seaweed," The Verge reports.

• They're intended to be compostable at home, Bloomberg notes.
• The company first announced plans to introduce plastic-free coffee pods more than two years ago.

Zoom in: AltaRounds will only work with a new machine called the Keurig Alta.

• A bundle — including the device, six boxes of pods and glassware — will initially sell for $499.99.
• The company's traditional K-Cup pods work with the Keurig Alta.

What we're watching: Whether Keurig moves to completely ditch plastic K-Cups.

• "The consumer's going to lead us on that," Monique Oxender, the company's chief sustainability officer, told Bloomberg. "In order to transition a product, you're going to have to get to scale, and the consumer is going to guide us each step of the way here."