European car sales up 4.3%

EUROPEAN car sales rose 4.3% in May, the ninth consecutive monthly gain, as the recovery in consumer confidence continues on the back of new models from Renault and Volkswagen.

Registrations increased to 1.13m vehicles from 1.09m a year earlier, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said. Sales in the first five months of 2014 were up 6.6% to 5.62m cars.

European Central Bank president Mario Draghi signalled last month that unprecedented monetary policy measures were coming in June to encourage lending in the eurozone to combat sluggish economic growth. Among the top 10 car sellers in Europe, registrations at third-ranked Renault jumped the most in May, at 18%, with gains of 9.5% at market leader Volkswagen and 4.2% at second-place PSA Peugeot Citroen.