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BMW warns profits will fall, plans $13.6 billion in cost-cutting

FRANKFURT, Germany — BMW said Wednesday that profits in 2019 will be "well below" last year's, and it will cut 12 billion euros ($13.6 billion) in costs by the end of 2022 to offset spending on new technology. The company said profits would be eroded by higher raw materials prices, the costs of compliance with tougher emissions requirements and unfavorable shifts in currency exchange rates. The Munich-based automaker also faces increased uncertainty due to international trade conflicts that could lead to higher tariffs. "Depending on how conditions develop, our guidance may be subject to additional risks; in particular, the risk of a no-deal Brexit and ongoing developments in international trade policy," said Chief Financial Officer Nicolas Peter. The company forecast a profit margin of 6 to 8 percent for its automotive business, short of the long-term strategic target of 8 to 10 percent, which it said still "remains the ambition" for the company if given "a stable business environment." BMW said it had no plans for layoffs even as it outlined cost saving measures that include dropping half of its engine variants as it seeks to reduce product complexity. The BMW, Mini and Rolls-Royce brands are to get a single sales division. Peter said that given the headwinds to earnings, "we began to introduce countermeasures at an early stage and have taken a number of far-reaching decisions." The company said the measures were needed "to offset the ongoing high level of upfront expenditure required to embrace the mobility of the future." Automakers around the world have faced heavy up-front costs for technology expected to change how people get from one place to another in the next decade. Those include electric cars and renting cars through smartphone apps. Yet the returns from such investments remain uncertain and auto companies face competition from tech firms such as Uber and Waymo. BMW made 7.2 billion euros ($8.2 billion) in net profit last year, down 17 percent from 2017, when it booked a gain of $1 billion from U.S. tax changes. The company faced headwinds from increased tariffs on vehicles exported to China from the United States. It also suffered from turmoil on the German auto market when companies faced bottlenecks getting cars certified for new emissions rules. BMW faces uncertainty from U.S.-China trade tensions that could result in new tariffs if talks do not result in an agreement. U.S.

BMW i3s traction control tech going in all BMW, Mini cars

The BMW i3s is essentially a warmed-up version of the i3 electric car we all know and love. The performance boost isn't huge — just 14 horsepower and 15 pound-feet of torque — but it also gets a new suspension, wheels and tires as well as an improved traction control system. We found the car to benefit from all the updates when we drove it for our First Drive Review, but now BMW has offered up more details on just how the traction control system of the i3s helps make it better to drive. The company says it'll expand the technology to all future BMW and Mini models as well. The i3s's system is calibrated to help it to pull away quickly from a stop, making full use of the instantaneous torque offered by the electric motor. It also improves stability when accelerating out of corners, when using regenerative braking and, of course, when the road conditions are less than ideal. The results are palpable, and with the other improvements the i3s definitely feels stronger off the line, as we found on our drive. It's also about a half-second quicker to 60 miles per hour, at 6.8 seconds. The secret is in the response time of the stability control, which BMW claims is 50 times faster than the conventional system. This is made possible by moving the control process into the powertrain itself, rather than a remote unit. This reduces the signal path and, thus, the response time of the traction control system. BMW's Head of Chassis Development, Peter Langen, said of it, "With their high levels of torque and instantaneous responses to every movement of the accelerator, electric motors already make significantly higher demands on driving stability systems than conventional power units." While engineered to make the most of the electric motor, BMW says the shorter cycles of this traction control system show promise for internal combustion vehicles as well. As such, we'll begin to see the improved technology applied across the BMW and Mini lineups going forward. Related Video:

Manuals return to the Mini lineup for 2021

The 2021 Mini Cooper will offer a manual transmission again, after the 2020 model had to go without a stick shift due to problems certifying that powertrain. It had been hoped that the emissions issue would be straightened out in only a few months, but as it turned out, Mini had to go through the entire 2020 model year with its cars offering only two pedals. The 2020 Cooper and Cooper S models got a seven-speed dual-clutch automatic, while the John Cooper Works variants and the ALL4 versions of the Clubman and the Countryman got an eight-speed unit. For 2021, the standard Mini Cooper with the 134-hp 1.5-liter turbo three-cylinder will offer a six-speed manual in the hardtop, four-door, and convertible body styles. The 2021 Mini Cooper S, with its 189-hp 2.0-liter turbo four, also will come standard with the six-speed stick in hardtop, four-door, and convertible form. The John Cooper Works hardtop, with its 228-hp 2.0L turbo, shares in the manual-transmission goodness, but the JCW convertible remains automatic-only, with the seven-speed DCT. The 2021 301-hp John Cooper Works GP hardtop will be eight-speed automatic only. For the 2021 Clubman and the Countryman, the picture is still murky. It's likely that the JCW Clubman and JCW Countryman, which also get the 301-hp engine, will continue to be offered only with the eight-speed automatic gearbox, although the less-powerful versions could get a stick shift again. Mini says, "Manual transmission offerings will be confirmed once 2021 model year information for these models is released later this spring." Given the persona Mini has cultivated, this brand seems like one that should continue to offer stick shifts for as long as possible. Mini spokesman Andrew Cutler claims that the Mini hardtop generally has had the highest take rate for manuals in the U.S. market, with 45% buyers of the (2019-model) John Cooper Works version opting to row their own gears. Related Video: