The group said it delivered more than 2.5 million cars last year, 6.4% more than a year ago.

Group revenues rose by 9% to €155.5 billion.

The BMW group, which also includes the Rolls-Royce and Mini brands, “achieved its business objectives” for 2023 “despite strong competition and volatile conditions”, the company said in a statement.

Earnings before interest and tax (EBIT) soared by 32% to €18.5 billion.

Net profit, however, plunged by more than 34% to just over €12 billion due to a one-off accounting effect linked to the full consolidation of BMW’s Chinese joint venture BBA.

Without that one-time impact, net profit “would have been higher year-on-year”, BMW said.

Deliveries of fully-electric cars jumped by 74% to more than 375,000, accounting for around 15% of total sales, as the industry-wide shift towards lower-emissions vehicles gathers pace and competition heats up.

While the company said it had seen “high demand for its products” overall, its “range of fully-electric vehicles was a key growth driver” in 2023.

BMW said it planned to pay shareholders a dividend of €6 per share, down from €8.50 the year before but slightly more than analysts had expected.

The group will unveil its detailed full-year results on March 21.

“We posted strong growth and substantially increased our percentage of fully-electric vehicles, while improving our operational profitability,” said CEO Oliver Zipse.

“We are advancing forward with our course – offering our customers the newest innovations and the latest technology, regardless of the vehicle’s powertrain,” he added.