In its 2022 financial statement, it announced earnings of 13.999 billion euros ($A22.36b) for the full year, up 4.5 per cent.

Group earnings before tax hit a record of 23.509 billion euros ($A37.55b), up 46.4 per cent, “primarily as a result of valuation effects in connection with the full consolidation of Brilliance.”

Group net profit totalled 18.582 billion euro ($A29.68b), up 49.1 per cent.

With its eye on its future in electric vehicles, BMW said it has boosted R&D investment in battery-electric vehicles. Its subsidiary Rolls-Royce is moving towards all-electric vehicles  by 2030 starting with the Spectre shown last year. The Mini brand will be fully electric by “the beginning of the 2030s.”

“In the past year, the BMW Group more than doubled its BEV sales to over 215,000 units, underlining its role as a pioneer in e-mobility,” it said.

“The company once again delivered significantly more fully-electric vehicles to customers than its direct European competitors and also significantly more than the majority of Asian and US new entry players.”

In its financial report for 2022 delivered this week, BMW said that vehicle deliveries were slightly lower (4.8 per cent down) than the previous year at 2,399,632 units.

i4

“Consistently high customer demand was reflected in the company’s strong order book,” it said.

“However, this could not be entirely fulfilled, due to difficulties with the supply of semiconductor components, supply chain disruptions and COVID lockdowns in China.

“Electrified vehicles – BEVs and PHEVs –accounted for a total of 18.1 per cent (433,792 units, up 32.1 per cent) of deliveries.”

BMW has 12 EVs on offer in global markets but in 2024 will have at least one in five new cars with full electric drivetrains and, by 2025, every fourth new vehicle delivered is expected to be a BEV. In 2026, that will rise to one in three.

“Depending on the market conditions prevailing in the second half of the decade, the development of raw material prices and availability, and the pace at which a comprehensive charging infrastructure is being built, the BMW Group expects to reach more than 50 per cent BEV share well ahead of 2030,” the company said.

It said that in 2025 it expects to pass the milestone of two million EVs on its way to more than 10 million fully-electric vehicles delivered to customers by 2030. 

“The main growth drivers in 2023 will be fully-electric (BEV) vehicles and models from the high-end premium segment — such as the new BMW 7 Series, the updated BMW X7 and the Rolls-Royce model family,” it said.

But it is also developing hydrogen fuel-cell vehicles. 

“A growing percentage of the drivetrain mix is also likely to be provided by hydrogen fuel cells from the second half of this decade,” it said.

“The BMW Group is consistently pushing ahead with development of this technology as an additional option for sustainable individual mobility and sees the opportunity — depending on market requirements and conditions — for potential production vehicles in the second half of the decade.”

In the first quarter of 2023 BMW launched a pilot series of the BMW iX5 Hydrogen model which is now being used internationally for demonstration and testing.

BMW AG chairman Oliver Zipse said: “The BMW Group shows a high degree of resilience, especially under challenging conditions. The company anticipates developments in the economic environment at an early stage and takes action accordingly.”

“A high level of flexibility, combined with our operational performance, proved to be an effective combination for ensuring the success of the BMW Group, even in the face of headwinds and taking advantage of opportunities for profitable growth.”

BMW AG board member responsible for finance, Nicholas Peter, said:. “The BMW Group is proving that it can do both — manage the company’s biggest transformation, while maintaining its profitability. 

“Our extremely strong product portfolio, in particular our impressive range of electrified vehicles and luxury-class models, makes both possible for us.”

By Neil Dowling