Canoo (NASDAQ: GOEV) and Nikola (NASDAQ: NKLA) are both electric vehicle makers that went public by merging with special purpose acquisition companies (SPACs) in 2020. Both stocks initially attracted a lot of bulls, but were mauled by the bears over the past two years.

Canoo's stock hit an all-time high of $22 per share in December 2020, but it now trades at about $1. Nikola's stock closed at a record high of $79.73 in June 2020, but it's now worth about $2 a share. Let's see why these two EV stocks crashed, and if either one is still worth salvaging as a turnaround play.

Image source: Canoo.

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Source Fool.com