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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.

CES 2022 was huge for EVs | Autoblog Podcast #711

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder. CES took place this week, and there were some nice electric surprises from automakers, especially General Motors. John has been driving the Ram 1500 Power Wagon, as well as what seems to be its polar opposite, the electric Mini Cooper SE. Greg talks about the differences between the Acura TLX A-Spec long-termer (which is back in the shop) and the Type S loaner that's filling in for it. John's also got some interesting thoughts on leather interiors. Finally, the editors reach into the mailbag and help a repeat customer decide on a suitable replacement for a 2008 Lexus GX 470 in this week's Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #711 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown CES 2022 2024 Chevy Silverado EV revealed: 664 hp — and Midgate's back 2024 Chevy Silverado EV vs. 2022 Ford F-150 Lightning | How do they compare? Chevy Equinox EV and Blazer EV confirmed for production in 2023 Chrysler Airflow concept previews the brand's all-electric future Mercedes-Benz Vision EQXX shoots for 620-mile range Cadillac InnerSpace reimagines the personal luxury coupe What we're driving: 2022 Ram 1500 Power Wagon 2021 Acura TLX A-Spec and Type S long-termers 2022 Mini Cooper SE John's unpopular opinion: Let's do away with leather for good Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video:

Mini John Cooper Works GP coming in 2020, special editions in the meantime

Every once in a while, Mini releases a monster of a Cooper with the designation of GP. It created one in 2006, and another in 2013, and they both featured less weight, more power, a big rear wing and no rear seat. They were the hardest-core of hardcore Minis. And now a third GP is coming in 2020. The big little car brand announced the GP will return, but not much else. The only other detail shared was that it will have styling inspired by the Mini John Cooper Works GP concept shown at the 2017 Frankfurt Motor Show. As seen above, it was a thoroughly over-the-top interpretation of the GP with huge fender flares featuring big trailing fins. The rear wing was also enlarged to near comic proportions. We'll see if Mini commits to the gonzo styling, or if it dials things way back. 2019 Mini John Cooper Works Knights Edition View 18 Photos To supplement the announcement of this new Mini, the company also announced a few special-edition Mini models on sale now or very soon. The most interesting of the three newly announced Minis is the Mini John Cooper Works Knights Edition. It's a Mini JCW Hardtop in black with a silver roof, mirrors and hood stripes. On the sides are silver and red stripes, and all around the car is black trim. The door handles, badging and grille surround are all painted black. It's a menacing-looking car, or at least as menacing as a Mini can look. It also gets the remote-controlled exhaust flap to go from mild to wild exhaust note at a push of the button. This model goes on sale in the first quarter of 2019. Next month, you'll be able to get your hands on the Mini Countryman Yin Yang Edition. This is a basic Mini Cooper S Countryman in either black or white, with the other color for the roof and hood stripes. It also gets a black grille and black light trim. Then there's the Mini Clubman Starlight Edition. This is a Cooper S Clubman in dark blue with a silver roof, mirrors and hood stripes. It's on sale now. Both special editions also throw in some luggage accessories as standard equipment. Related Video: