Thursday was another miserable day for Tesla Inc (NASDAQ:TSLA) shareholders. TSLA stock dropped 8.54% on the day. That makes it a 46.5% decline in value since the start of the year.

A drop of that magnitude is enough to scare many potential investor off. However, those who are in it for the long-term see this latest drop another way: an opportunity to buy Tesla stock on the cheap. 

Add TSLA stock to your growth portfolio now and there may still be some rough patches ahead, but the explosive demand for EVs is going to see those shares delivering significant returns over the longer term.

Elon Musk Is at the Center Of Much of the TSLA Stock Misery

Economic issues are a big part of the TSLA stock story, of course. 

Fear of a recession has been sinking tech stocks in general, and TSLA has not been immune from that effect. In addition, Tesla shareholders are worried about the impact of a Covid-19 lockdown that closed the company’s Shanghai Gigafactory for weeks. There are rumors that demand for Tesla EVs in China may be sliding. Inflation (especially around computer chips and the price of raw materials used in EV batteries) has led to Tesla hiking prices yet again. I believe this is the third U.S. price hike of 2022 for the company.

All of these issues and more have had an impact on the price of Tesla shares.

The actions of Tesla’s CEO have had an even more dramatic effect on the price of TSLA stock. At his best — like when he’s opening a new Gigafactory — Elon Musk inspires confidence. At his worst, he has a super-sized negative impact on TSLA. That has been in full effect since early April when Musk decided he wanted to own Twitter (NYSE:TWTR).

In the weeks since then, the headlines have been full of Musk’s antics and troubles. He’s faced SEC scrutiny over the timing of his initial TWTR stock purchase, trolled Twitter execs, pondered backing out of the deal, and was accused of sexually harassing a flight attendant.

On Thursday it was SpaceX employees publishing a public letter criticizing Musk’s tweets as being a “frequent source of distraction and embarrassment” even as Musk addressed Twitter employees. Oh, he was also named in a $258 billion lawsuit alleging he and his companies were running a cryptocurrency pyramid scheme. 

Elon Musk can be a lot, and right now he has been a direct cause of much of the pain suffered by Tesla shareholders. This phase will end eventually, and that will remove some of the headwinds TSLA stock has felt recently.

Keep Your Eyes on the Prize: The Massive EV Market

Tesla investors may find the events of 2022 distracting. However, they need to keep their eyes on the prize. The global market for electric cars has become red-hot. Ridiculous gas prices are only serving to accelerate demand for EVs.

This is a market projected to be worth $980 billion by 2028, with a CAGR of 24.5% between now and then. Tesla had a big head start and it continues to dominate. That spells huge long-term growth potential for TSLA stock.

Bottom Line

There’s no no way to sugar coat the fact that TSLA stock had a terrible showing on Thursday. It’s been a parade of bad news for shareholders since April 4. As a result of all of this, Tesla stock is down over 46% in 2022.

If you are sensitive to the risk of further drops in the near future, this may not be the time to make a move. For one thing, once Tesla reports its earnings in July, the true picture will be revealed about how badly the company’s sales have been impacted by Covid-19 lockdowns in China. That picture is not going to be pretty.

However, TSLA stock is an investment in the undisputed leader in the EV industry. This is a market that is just ramping up to mainstream status, with enormous growth projected. As a result, the growth potential for TSLA stock is explosive. And despite its rocky performance in 2022, TSLA still scores an enviable “A” rating in Portfolio Grader.

TSLA stock may have taken another blow on Thursday, but that just makes its more attractive. If you buy shares today, you will undoubtedly see some volatility through 2022, but they will deliver in terms of long-term growth.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.