$Li Auto(LI)$  Nio (NIO 0.25%) and Li Auto (LI 5.78%) are both rapidly growing Chinese electric vehicle makers that took investors on wild rides following their public debuts.

Nio, which produces SUVs and sedans, went public at $6.26 per ADS in September 2018. Its stock hit an all-time high of $62.84 in February 2021, but it now trades at about $10. Li, which only produces SUVs, went public at $11.50 per ADS in July 2020. Its stock closed at a record high of $43.96 four months later, but it now trades at roughly $20.

Both stocks initially rallied during the buying frenzy in growth stocks throughout 2020 and 2021, but they lost their luster as rising interest rates curbed the market's appetite for speculative growth stocks. Should investors nibble on either of these volatile EV stocks as a turnaround play for 2023 and beyond?