Rivian (NASDAQ: RIVN) and Lucid (NASDAQ: LCID) were two of the hottest EV stocks of 2021. Rivian, a maker of electric pickups, SUVs, and vans, went public at $78 in November of  2021, and its stock more than doubled to an all-time high of $172.01 a week after that. Lucid, a maker of luxury sedans, went public by merging with a special purpose acquisition company (SPAC) in July 2021; its stock opened at $25.24 and also more than doubled to its record high of $55.52 in November.

But today, Rivian's stock trades at about $11 and Lucid is only worth $3 a share. The bulls retreated as both companies failed to meet their lofty production targets. Rising interest rates also compressed their valuations and cast a harsh light on their ugly balance sheets. So should investors buy either of these burned-out EV stocks as a turnaround play?

Image source: Rivian.

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Source Fool.com