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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.

First BMW i8 in US to be auctioned off at Pebble Beach

Snag yourself a BMW i8 at the upcoming Pebble Beach Concours d'Elegance Weekend and you won't only be the first in the US to own this model, you'll be getting a one-of-a-kind version of BMW's new gas-electric plug-in marvel. The special i8 will come with a special exterior paint color (called Frozen Grey Metallic) as well as a modified Pure Impulse Tera World interior that has "Concours d'Elegance Edition" etched in and comes with "Dalbergia Brown leather upholstery, which is tanned using dye derived from plant extracts." Tell all your treehugger friends. The 2014 BMW i8 Concours d'Elegance Edition also has laser headlights (as long as BMW gets government approval for them in the US) and comes with the first BMW Charging Station, professional edition. The standard i8 starts at $135,700 and Gooding & Company expects the special i8 to bring in between $150,000 and $200,000 at the auction. We'll find out Saturday, August 16. As a bonus, there's no reserve. The Concours d'Elegance is not a complete stranger to electric vehicles, hosting an EV display at the Meadow Brook Concours in suburban Detroit last year. One-of-a-Kind BMW i8 Concours d'Elegance Edition to be Auctioned During Pebble Beach Concours d'Elegance Weekend 25.07.2014 BMW i8 Concours d'Elegance Edition to be sold at Pebble Beach Auctions presented by Gooding & Company with proceeds benefitting the Pebble Beach Company Foundation and the Pebble Beach Concours d'Elegance Woodcliff Lake, N.J. – July 25, 2014... In celebration of the US arrival of the BMW i8, the world's most innovative sports car, a one-of-a-kind 2014 BMW i8 Concours d'Elegance Edition will be auctioned during the weekend of the 2014 Pebble Beach Concours d'Elegance, ahead of the official fall sale date. The i8 Concours d'Elegance Edition will be distinguished by a unique paint scheme and interior treatment as well as other features that will make it unlike any other BMW i8 in the world. The BMW i8 Concours d'Elegance Edition will be sold by Gooding & Company, the official auction house of the Pebble Beach Concours d'Elegance, during the annual Pebble Beach Auctions at Pebble Beach on Saturday, August 16. Proceeds of the sale will go to the Pebble Beach Company Foundation and the Pebble Beach Concours d'Elegance. The 2014 BMW i8 Concours d'Elegance Edition will feature BMW Individual Frozen Grey Metallic exterior paint.

BMW i3 with range extender won't get all the EV tax benefits in NJ

Everyone loves that new-car smell, but not everyone loves that new-car tax. And whoever in New Jersey thought the extended-range version of the BMW i3 plug-in would be exempt from said tax was sorely mistaken, Green Car Reports says. To paraphrase the Garden State's favorite son, Bruce Springsteen, the first kick those drivers will take is when they hit the ground. BMW said last year that the BMW REx would qualify for new-car tax exemptions in New Jersey and in Washington State. The car's all-electric range was recently estimated at 72 miles and it has another 87 miles of gas-powered range-extended capability. Unfortunately, the range extender not only tacks on $3,850 to the car's sticker price but adds on almost that much again because New Jersey's seven-percent sales tax applies to all cars with any sort of gas-powered engine. BMW didn't respond to a request for comment about the New Jersey situation from AutoblogGreen. In other New Jersey electric vehicle news, the Consumer Affairs Committee of the New Jersey State Assembly will discuss the legality of Tesla selling directly to consumbers tomorrow. The extended-range i3 is involved in a different issue on the other side of the country. BMW said earlier this year that the REx would qualify for California's white zero-emission vehicle stickers that allow for solo access to high-occupancy vehicle (HOV) lanes. These unlimited white stickers can go on any EV, but the REx version only qualifies for the green stickers, which are designated for plug-in hybrids and extended-range plug-ins and the state has run out of those.