Geely’s Profits Doubled in 2017

China’s Geely Automobile Holding Co. reports its net profit last year zoomed to 10.6 billion yuan ($1.7 billion) from 5.1 billion yuan in 2016.

Geely’s revenue surged 73% to 92.8 billion yuan ($14.7 billion) in 2017, as vehicle sales leaped 63% to 1.25 million units. The company expects deliveries this year will rise 26% to 1.58 million.

The company, which was founded 32 years ago as a maker of refrigerators by Chairman Li Shufu, has far more expansive global aspirations than any of its Chinese rivals.

Geely owns Volvo Cars, Group Lotus and London Taxi and is promoting its 2-year-old Lynk & Co. youth brand worldwide. Within the past year the company also has acquired stakes in Daimler, Proton and Volvo Trucks. Last summer it considered a plan to buy all or part of Fiat Chrysler Automobiles.

Geely cautions that its sales growth in China is likely to slow this year. The company cites increased competition, shifting government incentives for electrified vehicles and last year’s phase-out of tax breaks for buyers of cars with small-displacement engines.