BMW AG reported an increase of 4.4 percent in net profits for 2012 and calls it its “most successful year.”
The company, known officially as Bayerische Motoren Werke AG (FRA:BMW) (BIT:BMW), said it saw stronger sales in Asia and the U.S. during the year.
The Associated Press reports that Bayerische Motoren Werke AG (FRA:BMW) (BIT:BMW) reported a 31 percent sales increase across all of Asia and a 40 percent increase in China alone, without factoring in Hong Kong’s sales.
The German automaker also reported a 14 percent increase in U.S. The company’s 1-series compact vehicle sales jumped 28 percent, and its traditional 3-series sedan sales rose 6 percent.
Overall, the company’s revenues jumped 12 percent. It said profits didn’t rise as sharply as revenues did because it invested in a number of new technologies, like the technology that’s being developed as part of the company’s partnership with Toyota Motor Corporation (NYSE:TM) (TYO:7203). Also the company’s personnel costs rose during the year. It ramped up production in China to 200,000 vehicles per year during 2012.
Bayerische Motoren Werke AG (FRA:BMW) (BIT:BMW) Norbert Reithofer called 2012 “the most successful year in BMW Group corporate history.” The automaker grew its workforce 6 percent during the year and still plans on hiring more engineers and other skilled workers as demand for its vehicles increased.
Bayerische Motoren Werke AG (FRA:BMW) (BIT:BMW)’s earnings for the fourth quarter rose 37 percent, and its sales rose 12 percent during the quarter. However the company’s CEO said he remains cautious into this year because while sales will likely increase, a number of markets around the world will likely remain challenging.