BMW Group said it met its targets for 2022, as forecast, “and thus delivered a strong operating performance in a difficult business environment”.

Group EBT rose 46.4% year on year to EUR23,509m and net profit 49.1% to EUR18,582m.

“This positive development can be attributed to improved pricing and positive product-mix effects, as well as the full consolidation of the Chinese joint venture, BMW Brilliance Automotive (BBA),” the automaker said in a statement, adding BBA also made a large cash contribution (EUR5,011m) on 11 February 2022 to a “significantly higher” free cash flow of EUR11,071m in the automotive segment.

Rising sales of fully electric models, which were up 107.7% to 215,752 in 2022, accounted for 9% of deliveries in 2022. BMW is aiming for 15% this year.

Deliveries slipped 4.8% to 2,399,632 units due to semiconductor shortages, supply chain disruptions and COVID lockdowns in China.

Sales of electrified vehicles – BEVs and PHEVs – rose 32.1% to 433,792 units and accounted for 18.1% of deliveries.

Group revenue climbed 28.2% to EUR142,610m “with integration of BBA revenues making a significant contribution to growth”.

Group EBT margin was 16.5% versus 14.4% in 2021.