China remains the largest single market for the German luxury carmaker
BMW claimed to accelerate the transition to electric vehicles on the 2021 earnings call. The company aims to produce 15 EV models in 2022, manufacture ''NEUE KLASSE'' architecture-based EVs in 2024 and sell 2 million EVs in 2025.
In 2021, the BMW Group's total revenue reached EUR 111.24 billion (USD 122.94 billion), growing by 12.4% year on year (YoY). The net profit was EUR 12.46 billion, a new record high, up 223.1% YoY, and the profit attributable to shareholders amounted to EUR 3.83 billion.
The German automaker delivered 2.52 million vehicles worldwide in 2021, 8.4% higher than a year earlier, and it sold 328,314 new energy vehicles, 13% of the total delivery.
BMW highlighted in the financial report the supply chain crisis exacerbated by Russia's invasion of Ukraine, expecting the chip shortage to last throughout this year.
The latest financial report incorporated the performance of BMW's China subsidiary, after the Munich-based corporation increased its stake in the joint venture to 75% in February 2022 following the Chinese government’s approval of the CNY 28 billion (USD 4.44 billion) transaction.
The new agreement expires in 2040, and the consolidation boosted BMW's profit for 2021 by EUR 8 billion.
With a 70% jump in the sales of its new energy vehicles across the globe, BMW Group vowed to expand the EV lineup. This year, the group will produce 15 battery-powered EV models, covering about 90% of consumer segments.
In addition to the iX family, it will roll out the electrified versions of BMW 3 Series, BMW 5 Series, BMW X1 and other series. The most eye-catching is the BMW I7, which will be launched in April along with the BMW 7 Series.