The new year hasn't been kind to (NASDAQ: TSLA) and its shareholders. The electric vehicle (EV) maker reported disappointing fourth-quarter financial results in January. And as of March 1, shares are down 18% in 2024.

Tesla is dealing with softer demand trends, as well as worsening profitability. The EV stock currently sits at 50% off its all-time high, prompting some opportunistic investors to want to buy the dip.

But before doing so, it's best to consider another automotive stock instead.

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Source Fool.com