Growth stocks come with a lot of ups and downs, but if you can stomach the volatility, they can pay off handsomely in the long run.

One stock I've had my eye on for a while has seen its price fall 95% from its peak in late 2020. It was once the second most valuable car company in America, behind only . That's because it's a leading developer of a technology that could completely change the $3 trillion auto industry.

The company is called QuantumScape (NYSE: QS). And despite the stock's fall from grace, it's closer to reaching a major breakthrough in the auto industry than anyone else. That's why it's worth taking a closer look while the stock price remains low.

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Source Fool.com