For many, Tesla (TSLA) became the poster boy for overvalued stocks in this stock market cycle, but now there are two more electric vehicle stocks that have valuations greater than GM and Ford and barely make any money at all – or none (GM, F).

The first is Lucid Group, which now has a valuation of $89.9 million and generated only $232,000 in revenue in the third quarter of this year and lost $1.5 billion. The valuation has been achieved thanks to a total frenzy of stock buyers  (LCID).

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The second stock is for the company, Rivian, which did an IPO this month and now has a market cap of over $120 billion. It’s possible that Lucid actually was rallying into this RIVN IPO. (RIVN)

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Rivn has a market cap more than that of GM and Ford combined. It also has no revenue.

These types of stocks remind me of what several internet companies with no revenue achieved in 1999. It’s madness, but it’s a symptom of the impact of zero interest rates. When bonds and CD’s pay nothing and rates are zero many are forced to speculate in order to try to make money. And some who do that in the markets look to buy what is going up the most.

It is a strategy that can work until rates start to go up, but it’s really only best to buy stocks like this with a trading strategy and not think they are good long-term investments.