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UPDATE 2-Magna International results beat estimates on BMW, Jaguar launches

* Q4 sales, profit beat estimates

* Vehicle assembly sales more than doubles

* European light-vehicle production up 7pct (Adds details on results)

Feb 22 (Reuters) - Canadian auto parts maker Magna International Inc on Thursday reported a better-than-expected fourth-quarter profit, driven by higher sales in Europe and the launch of new cars for BMW and Jaguar.

Magna also assembles cars under contract from motor vehicle manufacturers and counts General Motors Co, Volkswagen AG , BMW and Ford Motor Co among its top customers.

Sales at Magna's vehicle assembly business in Graz, Austria, more than doubled during the reported quarter, helped by the 2017 launch of the BMW 5-Series and Jaguar's compact SUV, the E-Pace.

Magna's total sales rose 12 percent to a $10.39 billion, its highest ever, beating analysts' estimates of $10.12, according to Thomson Reuters I/B/E/S.

During the reported quarter, light vehicle production increased 7 percent in Europe and fell 5 percent in North America.

Car registrations in the European Union rose 3.4 percent in 2017 to more than 15 million vehicles for the first time since 2007. (http://reut.rs/2EKQiih)

Net income attributable to Magna rose to $556 million, or $1.53 per share, in the fourth quarter ended Dec. 31, from $478 million, or $1.24 per share, a year earlier.

Excluding items, the company earned $1.57 per share, beating analysts' estimate by 2 cents. (Reporting By Allison Lampert in Montreal; Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)