Electric vehicle (EV) stocks saw deep drawdowns in 2022 as investors in growth stocks dumped their shares in fear. Their pessimism wasn't unfounded -- the EV industry faced more challenges than ever in 2022, ranging from a shortage of key parts and supplies to sky-high global inflation, rising interest rates, the COVID-19 pandemic, and a raging war among other things. EV stocks crumbled as companies were forced to rethink their production and growth plans.

Yet, none of it takes away from the monstrous growth potential of the EV industry. That also means investors in equities who aren't taking advantage of such dips to buy promising beaten-down EV stocks are missing out on a rare opportunity to invest in a megatrend.

While many believe Tesla (NASDAQ: TSLA) is the go-to stock to bet on EVs, CEO Elon Musk's antics aren't helping the company and could be a lingering problem. Instead, I'd pay attention to a company that's a prominent player in one of Tesla's largest markets, and whose CEO is focused on taking the company to new heights. That's Nio (NYSE: NIO), and it's one of the most compelling beaten-down EV stocks to buy now and hold. Here's why.

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Source Fool.com