The BMW Group more than tripled its net profit, posting a record result of 12.5 billion euros (13.8 billion U.S. dollars) in 2021, the German automaker announced on Thursday.
BMW met all of its targets for the 2021 financial year, and the group’s turnover increased by 12.4% year-on-year, reaching 111.239 billion euros. BMW has also accelerated the electrification of its product line.
The company will increase its dividends during its annual general meeting in May, bringing its annual dividend payout to 3.827 billion euros, from 1.253 billion euros the previous year.
Sales of the BMW Group, which includes the Rolls Royce and MINI brands, increased by 8.4% to more than 2.52 million units sold in 2021. The BMW brand notably set a new sales record, with 2.2 million units sold.
In China, the company’s largest single market, total vehicle sales increased 8.9% year-on-year. With 846,237 BMW and MINI vehicles delivered, the group recorded a new sales record in the country for the second consecutive year.
In February this year, BMW acquired new shares in its joint venture with Brilliance China Automotive Holdings, increasing its shares from 50% to 75% and further strengthening its partnership in the country.