Sales could plunge by 9 percent, or 1.2 million cars, he said.
But sales of personal computers plunged 30 percent, to $134.9 million.
Had the results shown a safety problem, sales would have plunged.
But sales plunged 7.3 percent in the South, to a 1.24 million annual rate.
Sales plunged 24 percent, to $244.4 million, in the quarter.
Sales of new large trucks have plunged 60 percent just in the last two years, he said.
Its sales in Japan last year plunged at twice the rate of the market as a whole.
Its sales plunged to 69,800 last year from a peak of 232,000 in 1983.
"But four years later, there were just 410 publishers and sales had plunged to $82 million."
Sales plunged by 14 per cent to £364 million, the annual meeting heard.