Europe Car Sales Rise First Time Since 2007 on Replacements

European car sales in 2014 rose for the first time in seven years as buyers replaced aging vehicles with low-cost models from Renault SA and Volkswagen AG, with the market’s revival from a two-decade low set to continue in 2015.

Registrations rose 5.4 percent to 13 million cars, the European Automobile Manufacturers’ Association, or ACEA, said today. That was at the upper end of industry estimates that ranged from PSA Peugeot Citroen Chief Executive Officer Carlos Tavares’s prediction of a 2 percent increase to Renault CEO Carlos Ghosn’s 6 percent forecast.