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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 readies EV, hydrogen updates for 2015 Detroit Auto Show

BMW's stand at the 2015 Detroit Auto Show will be the place to go for updates. News about advances in electric vehicle infrastructure, hydrogen fuel cells (maybe) and BMW's suite of connected vehicles app things will all make an appearance at the show next month. Let's start with what we know for sure. Both the i3 and i8 plug-in vehicles are supremely connected cars. A new announcement from BMW (available below) says that the suite of "Now" – ChargeNow, ParkNow and DriveNow – apps will be extended and available internationally. The updates include things like being able to find new new fast-charging stations and ParkNow LongTerm, which will let drivers find a permanent parking space where they can fill up their batteries. As Jacob Harb, BMW of North America's head of electric vehicle sales and strategy, told AutoGuide, "2015 is the year of infrastructure." While there is no official mention of a fuel cell stack in the official release (and we've asked BMW to see if there's anything to this news), Inside EVs says that BMW will also show off its new fuel cell stack in Detroit. That's the one that Toyota and BMW are working on together, as announced back in January 2013. If it makes an appearance, then it'll be our first look at the powertrain that's one generation beyond what Toyota has now in the Mirai. BMW at the North American International Auto Show (NAIAS) 2015 in Detroit. On 12 January 2015, BMW will welcome in the new car year by unveiling a raft of new products at the North American International Auto Show (NAIAS) in Detroit. A fixture on the calendar since 1907, the event originally known as the Detroit Auto Show has a long tradition in the USA. This year will be the 27th time it has been held on an international stage, and more than 200 exhibitors will gather at the COBO Center on the Detroit River to present their latest offerings to a large audience. More than 18 million people have visited the show since 1989. The public days take place from 17 – 25 January. Celebrating their world premieres in Detroit are the new BMW 6 Series Convertible, Coupe and Gran Coupe, as well as the new BMW M6 Coupe, BMW M6 Convertible and BMW M6 Gran Coupe high-performance models. They will be joined at the NAIAS by the cutting-edge BMW i models and innovative services encompassing the world of electric mobility. And BMW ConnectedDrive will be showcasing its over-the-air regular automatic map updating technology.

BMW M4 Convertible poised for Goodwood unveil

It shouldn't be a shock that BMW is working on a convertible version of the M4. Not only have we caught it testing twice, but this is an automaker that seems willing to build a vehicle for nearly every buyer's needs. Evo claims that the high-performance droptop is going to debut at this year's Goodwood Festival of Speed in England from June 26-29.
Judging from the spy shots we've seen, the M4 Convertible will consist of a retractable hard top like the 4 Series cabrio. Other than the roof, there aren't expected to be many changes from the coupe. The engine will be the same turbocharged, 3.0-liter inline six-cylinder engine, but the added weight of the roof and its mechanism may take a small bite out of performance.
We spoke to BMW USA about the rumor and were told that it has no comment at this time. After the M4 Convertible, Evo claims that BMW is working on a M4 Gran Coupe. How that would be all that different from an M3, isn't exactly clear.