German automaker BMW AGThursday’s revenue and net profit reached new highs in 2021. This was despite increasing spending on research and developing electric vehicles.

It is possible to purchase a preview of resultsBMW announced that the full-year net profit increased to 12.46 billion euro, which is roughly $13.7billion, in its next annual meeting. This was an increase of 3.86billion euros from 2020. Year over year revenue rose 12.4% to 111.24 Billion Euros, which is approximately $122.4 Billion.

The company has set records in terms of both revenue and profit.

BMW’s increased annual revenue came from the traditional way of increasing sales of vehicles, motorcycles, and SUVs. The automaker’s vehicle deliveries, including cars and SUVs, rose 8.4% from its coronavirus-challenged 2020 result, to just over 2.5 million vehicles. This was despite ongoing production problems caused by a global shortage of semiconductor chip.

Around 13% of the 2021 delivery were electrified vehicles. This means that they are either fully or plug-in hybrids. The BMW Group sold just more than 328,000 electrified cars in 2021. This is a 70% increase over the 2020 results, but it still falls short of being an EV leader. Tesla’s 936,000 2021 total.

BMW aims to make fully-electric vehicles at least 25% of its fleet. half of its global deliveries by 2030.

The EV drive is not without its costs. BMW spent 10.7% more on research and development to create new EV architectures. This was a rise of 6.3 billion Euros. It was 6.2%, which is roughly the same as 2020.

BMW’s profitability increased as it prioritized the production of the most profitable lines in order to meet the chip shortage. This is a positive sign for investors who hope that the company can comfortably fund its transition to zero emission vehicles. A popular figure in auto analyst’s eyes, the operating profit margin for BMW’s automotive sector grew to 10.3% in 2021, from only 2.7% in 2020 and 4.9% respectively, before the Covid-19 crisis.

BMW Motorcycle sales rose by 14.8% to nearly 194,000 in 2021. Operating profit margin for the motorcycle unit rose from 4.5% to 8.3% in 2020 to 8.3% in 2021.

Nicolas Peter is the equivalent of a U.S. chief financial officer for BMW. “Our business numbers are proof that the underlying transformation was combined with the large investment and strong operations it entails with a volatile environment in 2021,” he said. We are optimistic for the future and in a great position.

BMW intends to share some profit from this hefty gain with its shareholders. According to the company, it proposes a 5.80 euro per share annual dividend, an increase from 1.90 in 2020.

BMW separately announced on Thursday that it has agreed to purchase Alpina, the brand of a longtime builder of higher-performance versions of BMW cars, some of which have been offered from time to time via BMW’s own dealership network. Alpina, a rival to BMW’s AMG brand, will be an Alpina-branded trim line. Mercedes-Benz.

BMW will announce its fourth-quarter and whole-year results during its annual shareholder conference. Its scheduled to start on March 16th.