BMW AG said Thursday that it will propose a higher dividend for 2022 after it met its financial targets for the year, with sales of fully-electric vehicles more than doubling. The German auto maker
BMW,
-1.45%
made earnings before taxes of 23.51 billion euros ($24.79 billion), 46% higher than the previous year, on revenue that grew 28% to EUR142.61 billion.
It made a net profit for 2022 of EUR18.58 billion compared with EUR12.46 billion in the prior year, BMW said. The company said its result was supported by a slight fourth-quarter easing of the semiconductor shortage, which contributed to higher production and overall sales volumes. BMW said it would propose a dividend of EUR8.50 a share per common stock compared with EUR5.80 in the previous year and a EUR8.52 payout per share of preferred stock compared with EUR5.82 for 2021. Fully-electric vehicle sales more than doubled in 2022 to 215,752 units, the company said. Write to Pierre Bertrand at pierre.bertrand@wsj.com