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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.

2015 BMW 2 Series Convertible will flip its lid for $38,850

For the most part, they look almost identical to their coupe versions, except that they now boast an electrically folding soft top.
BMW is dropping the top of the 2 Series in early 2015 in the US with convertible versions of the 228i and M235i. They'll make their world debut at the Paris Motor Show later this year and will show their faces on this side of the pond at the 2014 Los Angeles International Auto Show.

Autoblog Podcast #407

Episode #407 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Sebastian Blanco talk about the Michelin Challenge Bibendum, the Toyota Mirai, and the BMW 3 Series falling off the Car and Driver 10Best list. We start with what's in the Autoblog Garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #407: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: Challenge Bibendum Toyota Mirai fuel cell 3 Series falls off Car and Driver 10Best list In The Autoblog Garage: 2015 Acura TLX 2015 Dodge Charger 392 Audi Prologue Concept Hosts: Dan Roth, Steven Ewing, Sebastian Blanco Runtime: 01:07:55 Rundown: Intro and Garage - 00:00 Challenge Bibendum - 18:32 Toyota Mirai - 28:20 C/D 10Best - 44:52 Q&A - 53:52 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Podcasts Acura Audi BMW Dodge Toyota toyota mirai challenge bibendum