China's automaker Geely sets new sales record in January

Chinese automaker Geely hit an all-time high in sales in January with about 158,400 units sold, the company announced Monday.

The reading marked a 70-percent increase over December and over 10 percent of Geely's annual sales target.

Sales of new energy and electrified vehicles reached 9,022 units last month. By 2020, over 90 percent of the company's cars will be new energy vehicles, said Li Shufu, chairman of Geely.

The company sold 1.5 million vehicles last year, ranking fourth among passenger carmakers in China.