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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 X1 testing is underway

It was just a few weeks ago that we got our first glimpse of the next-generation BMW X1, riding around on a flatbed. Now, we have the first batch of images of the small crossover moving under its own steam.
Like the previous round of photos, BMW's psychedelic camouflage is on hand to obscure sheetmetal details, but our intrepid spies still managed to discover a bit about the new X1. It's internal code-name will be F48, and it will sit on the same platform as the next-generation Mini and the BMW 1 Series GT. And for those keeping track at home, those are both front-drive platforms.
The reasoning for the X1's new layout, though, is understandable. Front-wheel drive is more space efficient and affordable, which are kind of big deals to customers. The next X1 won't be limited to its front wheels, though, as BMW's xDrive system is almost a certainty on higher-end trims.

2015 BMW X4 xDrive28i

When BMW unveiled the X6 back in 2008, critical reviews were mixed, to say the least. By all accounts, the heavyweight crossover actually drove quite well, but the idea of a BMW X5 that traded a lot of functionality for polarizing looks and a higher price tag seemed like a tough sell. Then it went on sale and quickly proved to be a cash cow. Today, the German brand has moved over a quarter million of the things worldwide. Unsurprisingly, this success has moved BMW to double down on its so-called Sport Activity Coupe by adding a smaller variant. The all-new X4, while not a bad steer in and of itself, makes even less sense than its big brother, particularly when viewed alongside BMW's other offerings. Like the X6 and X5, the X4 borrows heavily from another of the brand's utility vehicles, in this case, the less-costly X3. Also like the X6, this new crossover-coupe's styling is sure to cause a schism among critics and consumers alike. You can probably guess where the majority of the Autoblog camp falls. To be totally frank, the exterior of the X4 is simply ghastly to this writer, particularly in this tester's eye-catching paint. Admittedly – and much like the X6 – there's not much objectionable from the A-pillar forward, where the X4 has a lot in common with the X3. It's only once moving towards the rear that things well and truly go wrong. There's just so much visual mass, and it's been made worse by the way BMW designers wussed out. Bear with me. Compare the profile of the X6 with the X4, and pay particular attention to the roofline on the bigger vehicle. The angle of the roofline is noticeably more dramatic on the X6, which comes at the expense of second-row headroom (an oft-criticized area for the big boy). For the X4, designers tried to have their cake and eat it too, maintaining second-row headroom but with a coupe-like profile. The result is an X4 that is bulbous and uncouth from the B-pillar back, more hunchbacked Gran Turismo than svelte Gran Coupe. BMW might have been better served if its exterior work had followed the stylings of the cabin, which is more or less a clone of what's on offer in the X3. Material quality is still great, with soft-touch plastics and available cool-to-the-touch brushed aluminum throughout. I really dug the Ivory White Nevada leather and contrast red stitching on this test vehicle, as it provided an eye-pleasing departure from the sea of blacks, grays and tans so typical of the luxury crossover market.