If you replace the words "is burning cash" with "will soon be...

If you replace the words "is burning cash" with "will soon be printing hell lots of cash". That should sound right.

Fundamentally-wise:
1. EV will inevitably replace ICE engines - its only a matter of time. Some countries have already got legislation in place to ban ICE cars to be sold from 2030s. Just do a poll - how many of your friends around you will consider EV as their next vehicle? The one who can't get an EV (i.e. the ones who are living in an apartment / unit) will most likely get a Hybrid (which still uses a huge lithium ion battery).
2. US government policy is encouraging building their own battery and the government is splashing lots of funding to the industry
3. China has recently taken u-turn on its covid zero policy. So the economy is expected to go up from here - hence the demand for EV
4. The US government has selected Nonovix for its 150 Million USD grant. The US government must have done plenty of due diligence that this isn't a meme stock who can't deliver before reaching the decision! Its 150 Millions USD of tax payer monies!!!
5. In the light of the above, it should be reasonable to say the demand for EV & battery (lithium / graphite anode) should increase exponentially in the years to come.

DYOR and good luck to all!