Nikola (NASDAQ: NKLA) and ChargePoint (NYSE: CHPT) both do business in the electric vehicle (EV) sector, and both went public by merging with special purpose acquisition companies (SPACs) during the market fervor of the meme and growth stock rally. Nikola, which develops battery-powered and hydrogen fuel cell semi-trucks, made its public debut in June 2020. ChargePoint, a leading builder of EV charging networks, arrived in March 2021.

Both stocks initially attracted a lot of attention, but they lost their luster as their growth cooled off and rising interest rates popped their bubbly valuations. Both stocks are now down by more than 90% from their market debuts. Let's consider why these two SPAC-backed EV plays ran out of juice -- and if daring investors should consider either stock to be a tempting turnaround play.

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Source Fool.com