The once-hot electric vehicle (EV) market fizzled out over the past two years as many automakers grappled with rising interest rates, higher production costs, supply chain constraints, and a persistent price war in China. As the market cooled off, many investors rotated away from EV stocks and other speculative investments.

But for contrarian investors, that steep sell-off might represent a good buying opportunity. I believe one of those turnaround plays could be Rivian Automotive (NASDAQ: RIVN) -- which still trades at nearly 80% below its IPO price. Let me explain why this out-of-favor EV maker could be a great place to park $1,000 right now.

Image source: Rivian.

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Source Fool.com