China's high-tech motoring push fuels Valeo's record sales

Valeo Group saw its sales revenue hit a record high in 2017, with China as one of the most important driving forces of the French automotive supplier's development.

The company's total sales last year grew 12 percent to 18.6 billion euros ($22.7 billion), according to its financial report released on Monday.

Jacques Aschenbroich, Valeo's chairman and CEO, said the growth "confirms our excellent positioning in the fast-growing markets of hybrid, electric and autonomous vehicles, and justifies our sustained investment in research and development and production capacity".

China played an important role in Valeo's business due to the rapid development of new energy cars and self-driving vehicles in the country.

Valeo said the world's largest car market accounted for 27 percent of its orders worldwide in 2017, and 38 percent of China's orders were booked with Chinese car brands.

Last year, the company's like-for-like original equipment sales in China shifted up 17 percent, outpacing automotive production by 15 percent.

Francois Marion, president of Valeo China, said the company would invest more in China to consolidate its position in the fast-changing fields of electrification, autonomous driving and digitalized mobility.

Valeo now has 14 research and development facilities and 34 plants in China.