It's been tough sledding for Tesla (NASDAQ: TSLA) in 2024. The electric vehicle (EV) giant's stock has been declining for the greater part of a year, and is now down more than 50% from its all-time high of $407. However, for those with a long-term investing horizon, Tesla remains an ideal growth stock.

As Tesla management stated on its most recent earnings call, the company is currently between two growth cycles. During the prior one, the Model Y became the world's best-selling vehicle and the company became the world's most valuable automaker. In the growth cycle to come, CEO Elon Musk believes it could become the most valuable company in the world.

Here are three things that investors need to know if they are considering buying shares of Tesla as it prepares for that hoped-for growth cycle.

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Source Fool.com