German luxury automaker BMW AG says net profit rose 14 percent in the second quarter as earnings were boosted by the new version of the 5-Series sedan.

Profit rose to 2.21 billion euros ($2.60 billion) in the April-June period from 1.95 billion euros a year earlier.

CEO Harald Krueger said Thursday strong earnings would ensure the company could expand its efforts in battery-powered and autonomous cars. Krueger said “huge changes lie ahead in the world of mobility and it is vital that our company is in top shape to tackle them.”

Electric cars remain a small part of the market but automakers say they will become increasingly important as battery range improves. BMW sold 42,600 electric vehicles in the quarter, up 80 percent.

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