Rivian (NASDAQ: RIVN) and Nikola (NASDAQ: NKLA) were two of the market's hottest electric vehicle plays in 2020 and 2021. Rivian went public via a traditional IPO at $78 a share in November 2021, and its stock skyrocketed to a record high of $172.01 just a week later. Nikola went public by merging with a special purpose acquisition company (SPAC) in June 2020. Its stock opened at $37.55 on its first day as a combined company, then surged to its all-time high of $79.73 per share a week later.

But today Rivian stock trades at about $13, while Nikola's stock is worth about $1. The bulls retreated as both companies struggled with supply chain disruptions, delays, and persistent losses, while rising interest rates popped their bubbly valuations. Should investors buy either of these beaten-down EV stocks as a turnaround play?

Image source: Rivian.

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Source Fool.com