MUNICH -- Volkswagen AG's head of sales warned investors Friday not to interpret the company's strong results in October as a sign that the industry is headed for a lasting rebound.
"Global passenger car markets have not made a sustained recovery yet, so we are anticipating a particularly difficult and challenging year in 2010," Detlef Wittig said in a statement on Friday.
The VW sales chief had forecast in September that group volumes would stagnate at about 6.2 million vehicles both this year and in 2010.
In October, VW's had double-digit growth in group sales due to strong demand in China and Germany. VW delivered 557,300 vehicles in October across its eight car brands, a rise of 11.1 percent. That gain pushed up cumulative sales for the first time in 2009. Through 10 months VW's volumes are up 0.6 percent to 5.32 million.
The core VW brand saw October deliveries rise 17 percent to 349,800 vehicles, driven by high demand in China, Brazil and Germany.
Czech subsidiary Skoda increased its sales by 33 percent to 65,600 cars last month, while VW's money-losing Spanish brand Seat reported a slight gain of 1.9 percent to 29,600 units.
Reuters contributed to this report