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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's Quandt family in hot water over Merkel campaign contributions

The mysterious and elusive Quandt family is in hot water again, nearly two years after its Nazi connections during World War II were exposed. The German family's patriarch, Herbert Quandt, nearly single-handedly saved BMW from being bought out by Daimler-Benz in 1959. Now, three living family members own nearly half of the German brand, and stand accused of buying votes with donations to the party of German Chancellor Angela Merkel, mere days ahead of a European Union vote that would cap vehicle emissions.
Merkel's conservative Christian Democratic Union accepted three donations, one from each shareholding member of the Quandt family.
Merkel's conservative Christian Democratic Union accepted three donations, one from each shareholding member of the Quandt family, totaling 690,000 euros ($935,000), on October 9. The CDU, for what it's worth, claim the donations weren't related to any political decisions and that the family have been donors for years. A Quandt family spokesperson, meanwhile, said that the family had been waiting for Germany's September 22 elections to pass before making a large contribution to the CDU.

BMW's new i DC Fast Charger will give free juice to i3 drivers

From solar chargeports to the first SAE Combo Fast Charger, BMW is offering or promoting more charging options for the i3 than most people will know what to do with. This is not a bad thing. At the Plug-In 2014 conference happening in San Jose, CA this week, BMW announced a new i DC Fast Charging unit as well as the ChargeNow DC Fast program, which is similar in some ways to Nissan's No Charge To Charge. Let's start with the chargers. Smaller and much cheaper than other DC fast chargers, an i DC Fast Charger costs just $6,548 plus installation. Remember, it was a big deal in 2011 when Nissan's DC fast charger was less than $10,000. The i DC Fast Chargers use the SAE Combo connector, so will also work in EVs from Ford, VW and Chevy and other automakers, when available. They take 30 minutes to charge an empty i3 to 80 percent full. All a driver will need in order to use the charger is a ChargePoint (or ChargeNow) card. Most of the first units will likely end up at BMW i dealers across the US. In a separate announcement, the ChargeNow DC Fast program will allow BMW i3 drivers to get free charging until the end of 2015 at participating NRG eVgo Freedom Stations. The catch is that they need to use the ChargeNow card at least once by the end of 2014. eVgo is promising to install at least 100 compatible DC fast chargers in California by the end of next year, so this should be relatively easy in at least one of the 50 states. We will have more from San Jose soon. BMW Unveils BMW i DC Fast Chargers and ChargeNow DC Fast program at Plug-In 2014. BMW i DC Fast Chargers, developed in collaboration with Bosch Automotive Service Solutions, are half the size of current DC Combo fast chargers, compatible with multiple electric vehicles and significantly more affordable. BMW i DC Fast Chargers run on the ChargePoint network giving BMW i3 drivers access with a ChargePoint or ChargeNow card. ChargeNow DC Fast enables BMW i3 drivers to charge at no cost, at participating NRG eVgo Freedom Stations equipped with DC Combo Fast Charging, through 2015. San Jose, CA/Woodcliff Lake, NJ – July 28, 2014... At Plug-In 2014, a conference dedicated to discussing key issues for the long-term success of electric vehicles, BMW of North America launched its BMW i DC Fast Chargers which can charge the BMW i3 all-electric vehicle's battery up to 80 percent in 30 minutes.