Europe car sales fall 1.4 pct in January

European carmakers are looking to Asia and Latin America for growth to offset stagnating demand closer to home, as scrappage schemes which boosted demand for cars during the crisis run out and fears for the economy make consumers cautious.

A total of 1,041,650 new cars were registered in January in the European Union, ACEA said in a statement.

Group sales at Europe's biggest carmaker, Volkswagen, rose 5.9 percent in January, ACEA said.

Japan's Toyota Motor Corp sales fell 11.1 percent. French carmaker Renault saw January group sales fall 5.2 percent. Renault brand sales fell 9.3 percent, while the low-cost Dacia brand sales rose 17.8 percent.

PSA Peugeot Citroen — whose sales fell 3.4 percent in January in the European Union — expects the European car market to stabilise this year.