BMW AG increases annual profit to $6.2 billion on record sales, raises dividend

IndustriesAssociated Press

Luxury automaker BMW AG says record sales in 2014 helped it post a solid 9.2 percent increase in full-year profit.

The Munich-based maker of the 3-Series sedan and the X5 sport-utility vehicle saw net profit rise to 5.82 billion euros ($6.2 billion), with strong demand from China, Britain and the U.S. boosting earnings.

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BMW's 4-Series model saw sales jump eightfold while the X5, made in Spartanburg, South Carolina, increased sales by 37 percent. Overall, the company sold 1.81 billion BMW-branded cars, which helped revenues rise 5.7 percent to the record 80.40 billion euros.

CEO Norbert Reithofer said "tailwinds caused by high customer demand for our vehicles worldwide are driving up sales volumes."

The company raised its dividend to 2.90 euros per share from 2.60 euros for 2013.