P.M. BRIEFING : Record Profits for Volkswagen

West German automotive giant Volkswagen AG said today it expects record profits of about $580 million this year despite market share losses in North America.

Volkswagen’s executive board said preliminary figures revealed a 10% increase, bringing the concern’s total turnover to $38 billion.

Volkswagen, the largest European automotive concern and fourth-ranking internationally, expects an increase over 1988 profits of $450 million for the entire concern, including $304 million for Volkswagen AG in West Germany.

In 1989, almost 3 million VW, Audi and other automobiles under Volkswagen management were delivered worldwide, an increase of 3%. In Europe, 2.14 million cars were sold, accounting for a 5% increase.

But Volkswagen registered a 20% loss in the United States and a 15% loss in Canada.