With fresh COVID-19 restrictions gripping China, expectations from Nio (NYSE: NIO) had nose-dived in recent weeks. Nio is one of the dominant players in China's hot electric vehicle (EV) market, and the company had to suspend operations at a couple of factories last month as lockdowns were imposed.

Fearing Nio's production and deliveries to take a beating, investors dumped the EV stock -- Nio shares lost nearly 33% value in just one month through Nov. 9. One day later, Nio proved its critics wrong.

The EV manufacturer beat third-quarter revenue estimates and sees significant growth in car deliveries in the coming months. And Nio's growth plans are even bigger. So if you've been watching Nio stock plunge this year but haven't pulled the trigger yet, it's finally time to buy the EV stock.

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Source Fool.com