Forget Tesla: Consider These 2 Millionaire-Maker Stocks to Buy Instead

Tesla (NASDAQ: TSLA) has been one of the best-performing stocks on the market over the last decade as it proved that electric vehicles (EVs) can be a viable business, and even a highly profitable one. However, recently, Tesla stock has been looking surprisingly mortal. The stock trades down by roughly half from its peak in 2021, and its fourth-quarter earnings report shows why the stock has faded.

Tesla's revenue growth continues to slow and profits are falling, and that pattern continued in Q4. Automotive revenue rose 1% year over year to $21.6 billion, and overall revenue was up just 3% to $25.2 billion. These metrics reflect the impact of lower prices as the company looks to stay competitive, gain market share, and overcome headwinds from higher interest rates.

As a result of lower prices, operating income fell 47% year over year to $2.06 billion, and adjusted earnings per share fell 40% to $0.71. Tesla missed estimates on the top and bottom lines, and it also forecast slower production growth in 2024.

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Source Fool.com