Nikola (NASDAQ: NKLA) and Canoo (NASDAQ: GOEV) are electric vehicle (EV) makers, and both of them burned the bulls after they went public by merging with special-purpose acquisition companies (SPACs) in 2020. Nikola's stock closed at a record high of $79.73 on June 9, 2020, but it now trades at just over $1. Canoo's stock hit its all-time high of $22 on Dec. 10, 2020, but it's now worth less than $1.

These EV companies struggled to ramp up their production, broadly missed their pre-merger growth targets, and racked up steep losses. Should bold investors bet on either of these out-of-favor EV stocks today?

Image source: Nikola.

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Source Fool.com