Nio (NYSE: NIO), a stock that rode the electric vehicle (EV) hype in 2021, turned out to be among the biggest losers in 2022 -- it plunged 69% last year. Yet, unlike most EV manufacturers, Nio continued to deliver throughout the year, but its shares were caught in the stock market carnage as investors dumped growth stocks amid macroeconomic fears.

At current prices, Nio could be a rare opportunity to buy a growth stock in a fast-growing industry. Here are the three biggest reasons why Nio stock is a solid buy right now for 2023.

Chinese stocks came under intense selling pressure last year on fears of getting delisted from the U.S. stock exchanges if the foreign companies didn't provide the U.S. regulators full access to audit reports. The U.S. Securities and Exchange Commission even publicly named more than 100 Chinese companies that faced the risk, including Nio. The EV maker quickly listed its shares in Hong Kong and Singapore as a hedge against potential delisting from the U.S.

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Source Fool.com