STOCKHOLM - Due to strong global sales, mainly in the Chinese market, Volvo Cars on Thursday reported record operating profit in 2017.

According to a press release, Volvo Cars reported a strong 27.7 percent increase in operating profit in 2017, earning a record 14.1 billion SEK ($1.8 billion) compared to 11 billion SEK in 2016.

Net revenue for the period increased 16.6 percent to 210.9 billion SEK compared to 180.9 billion SEK in 2016. Meanwhile, global sales rose 7.0 percent to 571,577 cars in 2017, underpinned by a 25.8 percent increase in China, Volvo Cars' largest individual market.

The results underline the comprehensive transformation of Volvo's finances and operations in recent years, positioning the company for its next growth phase, the company said.

"Our business has transformed completely since 2010, and we are now gearing up for a phase of global, sustainable growth," said Hakan Samuelsson, president and chief executive. "We are investing in all parts of our organization and have laid out clear strategies around electrification, autonomous drive and connectivity."

Volvo Cars, acquired by Chinese automaker Geely in 2010, employs 38,000 people globally.