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Top Gear names BMW i8 Car of the Year, Corvette, Ferrari, Mercedes also win big

The lads at Top Gear have released their listing of the finest cars of the past year, handing the ultimate honor to BMW's revolutionary i8 plug-in-hybrid supercar. "The i8 is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers - and then some," the British mag wrote. The i8, though, was far from the only hybridized car to take victories. James May and Richard Hammond both highlighted hybrids as their personal cars of the year, with May saluting the Ferrari LaFerrari and the Hamster, unsurprisingly, heaping praise on the Porsche 918 Spyder. Jeremy Clarkson, meanwhile, opted to shock many by selecting not only an American car as his best of 2014, but giving the honor to of all things, a Corvette. Clarkson wasn't the only person to honor the USA's iconic sports car, with the new, 650-horsepower Z06 variant being named TG's Muscle Car of the Year. Other big winners include Mercedes-Benz, which TG honored for S-Class Coupe (Luxury Car of the Year), the new AMG GT (Sports Car of the Year) and the not-for-US C-Class Estate (Family Car of the Year). The 458 Italia Speciale A snagged a second win for Ferrari. The best of the rest include the Citroen C4 Cactus, Renault Twingo, Volkswagen Golf R, Lamborghini Huracan and Audi TT. Take a look below for the celebratory press blast from BMW. The BMW i8 wins Top Gear Car of the Year The BMW i8 has been named as Top Gear magazine's global Car of the Year 2014. The plug-in hybrid performance vehicle beat off some stiff competition from a host of other premium and luxury manufacturers to win the overall award. The editorial team of Top Gear commended the BMW i8 for its breadth of abilities. Its 1.5-litre three-cylinder turbocharged petrol engine combined with an electric motor gives searing acceleration and driver enjoyment but all wrapped in a package that takes BMW's EfficientDynamics philosophy to the extreme courtesy of CO2 emissions less than 49g/km and a 135mpg combined cycle figure. Charlie Turner, Editor in Chief at Top Gear magazine, said: "The BMW is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers – and then some. It's the kind of car we should celebrate, a beautiful vision of the future, delivered now.

Buy this Munro report, get a free BMW i3

Here's an offer we've never heard of: if you buy the Master- or OEM-level version of a detailed production and cost report on the BMW i3, the engineering firm that produced the report will give you a 'free' i3. Munro & Associates is the company behind the study and the offer, its comprehensive breakdown of the production realities involved in the i3 including a video of the disassembly process of the range-extended hybrid and a detailed analysis of every part therein - everything from fuse boxes to crossbar beams, headlights and the battery pack. You've only got a day to take advantage, though - the report has to be purchased by the time CEO Sandy Munro gives his talk, "Deconstructing the BMW I3: Groundbreaking Technology and the Composite Car," in Detroit Wednesday morning. The price of said report? That's "TBD," so head to the Munro site if you're tempted by the idea of a new car that comes with a trunk full of paperwork. We just hope they're not selling the i3 that they tear down. The press release below has more information. Munro to Give Away 2014 BMW i3 with Every Purchase of the Consulting Firm's Master Teardown Report When Purchased at Two Upcoming Detroit Events DETROIT, Jan. 8, 2015 /PRNewswire/ -- Visitors to the North American International Auto Show (NAIAS) during Preview Week often go home with a lot of swag and trinkets, but how about a $50,000 BMW i3? This year, a local engineering firm, Munro & Associates, is giving away a BMW i3 electric car with every purchase of the Master-/OEM-level version of its benchmarking study of this unique vehicle when purchased during NAIAS or the Plastics in Automotive Conference. The study, the most extensive of its kind, details the production and costs of every system in this carbon-fiber electric vehicle, which CEO Sandy Munro calls the most advanced vehicle on the planet. WHO: Munro & Associates, the global leader in manufacturing, costing and benchmarking. Using its proprietary advanced design, quality and costing software, Munro developed comprehensive reports on key vehicle systems and – for the first time – will offer the reports for general distribution. WHAT: A FREE 2014 BMW i3 for anyone who purchases the Master-/OEM-level report during Preview Week of NAIAS or during Sandy Munro's presentation at the Plastics in Automotive Conference.

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.