Many electric vehicle (EV) stocks crumbled over the past year as the market cooled off and rising interest rates compressed their valuations. But according to Precedence Research, the global EV market could still expand at a compound annual growth rate (CAGR) of 23.4% from 2024 to 2032 as EVs gradually replace gas-powered vehicles.

Therefore, the recent sell-off in EV stocks might represent a golden buying opportunity for value-minded investors who can look past the near-term headwinds. Today, I'll dig deeper into three beaten-down EV stocks -- Rivian Automotive (NASDAQ: RIVN), Nio (NYSE: NIO), and ChargePoint Holdings (NYSE: CHPT) -- and explain why they might generate multi-bagger gains from a modest $1,000 investment over the next few years.

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Source Fool.com