Geely reports growing revenue, profit in 2017

HANGZHOU - Chinese car company Geely registered fast revenue and profit growth in 2017, according to its financial report Wednesday.

The company, based in East China's Zhejiang province, raked in 92.76 billion yuan ($14.7 billion) in revenue last year, up 73 percent year on year, while its profit surged 108 percent to 10.63 billion yuan.

The auto maker sold 1,247,000 vehicles in 2017, up 63 percent, occupying over 5 percent of the domestic passenger car market. It aims to sell another 1.58 million vehicles in 2018.

Geely, which owns the Volvo car group, has taken over a 9.69 percent stake in Daimler AG and became the largest single stakeholder of Daimler.