A week of car sales plunges for a second day in a row
CAR SALES MAGAZINE NEW YORK, USA – JUNE 03: A Toyota Camry passes by the entrance to the Tesla Motors dealership in Los Angeles, California, United States, June 03, 2017.
The U.S. auto industry is struggling to keep up with the influx of electric and hybrid cars and trucks.
REUTERS/Lucy Nicholson Car sales magazine is down 1.9% to 9.1 million vehicles on June 3, falling 3.9 million in the last week of May.
The magazine, based in the United States and Australia, said sales of plug-in vehicles fell 2.5% to 3.1.
Tesla said it expects sales of EVs, which include EVs powered by hydrogen, to surpass those of petrol cars in 2020, the most optimistic forecast for the industry.
In the first three months of this year, electric car sales reached a peak of 17.5 million, down 3.3 million in a year.
Tesla has been under pressure to cut costs and ramp up production to match the rapid growth of EVs.
The Model 3, a larger version of the Model S, has already been released.
In March, Tesla reported a loss of $3.3 billion, which it blamed on lower-than-expected revenue.
Elon Musk, chief executive of Tesla, said on June 1 that the company was still not profitable and was facing a cash crunch.
Tesla was a big loser in June due to its $5 billion buyout of rival Autopilot company, which Musk had purchased.
The buyout was also the catalyst for a slump in the price of the car.
The stock price plunged 13% to $7.07 in early trading on Friday.
Tesla reported sales of 6,400 new cars in May, which was the lowest monthly sales since June 2008.
The company has struggled to keep pace with demand for the electric car, which is expected to eclipse gasoline cars in the coming years.