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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 jazzes up the Z4 with Pure Fusion Design package

While the new M3 sedan and M4 coupe may be the big news, they're not the only things that BMW has in the cooker. The Bavarian automaker has just announced a new special edition that serves to highlight the Z4 roadster.
Called the Pure Fusion Design package, the specially-equipped Z4 incorporates Nappa leather trim in ivory with brown stitching covering the seats, armrests and door panels. The lower dashboard is done up to match in white, with brown-accented black leather upper dash, window sills, sun visors and instrument surround. A brown leather line accents the interior, with Fineline wood trim.
BMW is offering the Z4 Pure Fusion Design in the unique shade of sparkling brown metallic pictured here, along with other available colors, and customers can combine the package with the M Sport pack as well. Scroll down for the full press release.

Bangle urges auto design shakeup, says industry not innovating

Controversial designer Chris Bangle, the man behind the notorious E65 BMW 7-Series "Bangle Butt," has some rather sharp criticism for the current crop of automotive designers in an upcoming full-length interview with Automotive News Europe. The preview, posted on Automotive News, details parts of the interview, with the always vocal Bangle lamenting the state of modern automotive design.
"Even concept cars today simply anticipate the next production model coming down the line. Is this innovation? No. And at the end of the day this is what's preventing car design from moving into a new era." Controversial as Bangle's design philosophy may be, we can't help but think he has a point. His so-called "flame surfacing" at BMW and other stylistic elements had a huge influence on modern automotive design, although as the years have passed, there hasn't been much innovation on the same scale.
Interestingly, Bangle also mentions that he's been courted by a few manufacturers that wanted to install the American as the head of their design teams. He's flatly rejected them, telling ANE, "It's not something you can do part time, you have to do it with all your heart and soul or you're going to get it wrong."