Reithofer said the latest figures for Germany and the United States -- among the most important markets for BMW -- indicated that the drop in sales seen in January would continue or even worsen in February.

Overall January U.S. auto sales were down 37 percent year-on-year, and registrations in Germany dropped 14 percent during the month compared to 2008.

'I see no reason for euphoria,' Reithofer said, adding that recovery would likely start slowly in 2010.

BMW was strong enough to survive alone, but that didn't preclude cooperation with other auto makers, he said.

'The business independence of our company is our greatest asset,' he added.

BMW's offering at the Geneva show is comparatively meager this year. The company is presenting a powerful new coupe version of its large 7-series car in Geneva. Its Mini brand is introducing an entry-level station wagon model, dubbed the 'Clubman.'

The idea of building the next Mini on a Fiat platform has been abandoned, but the two companies are still exploring cooperation on other fronts, Reithofer said.