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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.

2014 Mini Cooper rockets into view

Here it is, all but undisguised. We've been clocking the 2014 Mini Cooper for months now, but engineers' well-placed camouflage has meant that our views have been very limited. Today, though, the disguises have been cast aside and the new Mini has been revealed in both standard and Cooper S form during a photo shoot, and there are some real surprises afoot.
For one, we had no idea that the Cooper would adopt the LED daytime running lamp corona headlamps from the much-loved 2011 Rocketman concept, but there they are, looking both unique and a little frightened. The front grille has been resculpted and and is now more rounded, integrating the bumper strike face in matte black. In fact, the entire nose looks a bit more rounded to our eyes, with all variants carrying a small but noticeable power bulge (shown here on the S model above the intake slot in the hood). The profile looks largely unchanged save for a slightly faster windshield, but the rear picks up a set of oversized taillamps that we'll likely have to see in person to get comfortable with. Our spy shooters tell us that the 2014 Cooper, codenamed F56, appears to be slightly larger in the metal than its predecessor, as expected, with much of that length coming in the form of a longer front overhang (perhaps to assist with pedestrian safety regulations).
Expected to ride atop the same UKL architecture shared with the upcoming BMW 1 Series GT and MPV, the entire line of Coopers may move to an all three-cylinder lineup, including BMW's 1.5-liter I3 that features a twin-scroll turbo, direct injection and variable valve timing, a combination good for anywhere between 120 to 200 horsepower. Eventually, higher-performance models could generate up to 300 horsepower out of this tiny engine. Our well-connected lensmen suggest that at least one four-cylinder engine might carry over to the launch of this new generation, but it may only be available for the first model year.

Mini John Cooper Works Paceman is a potent little hot hatch in a fat suit

If there's one thing we're never going to complain about, it's that Mini has found it necessary to put the John Cooper Works treatment on every single one of its models. We love the JCW package across the board, and the final installment of the high-performance chapter (for now, anyway) comes in the form of the John Cooper Works Paceman, debuting here at the 2013 Detroit Auto Show.
The John Cooper Works formula hasn't been altered in any way here, and like the JCW Countryman on which the Paceman is based, it comes standard with Mini's All4 all-wheel-drive system. We're sure it'll be a total hoot, and with 218 horsepower and 221 pound-feet of torque on tap, how could it not?
Look for the Mini JCW Paceman to hit dealerships in March of this year. Need to know more? Scroll down.