2005 Mini Cooper S 6 Speed Manual 2-door Convertible on 2040-cars

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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.

2020 Mini Cooper SE electric hatchback pricing, availability announced

The 2020 Mini Cooper SE electric hatchback now has a price and an on-sale date for America. The retail price including destination charge is $30,750 before any tax credits are applied. Seeing as other BMW electric cars still qualify for the full $7,500 federal tax credit, the Cooper SE should be available across the country for $23,250, and Mini says buyers in some states with additional incentives should be able to get one for under $20,000. It will be available in March 2020, and Mini said it will be offered across the country, implying that it may not be restricted to specific states like some other EV offerings. For comparison, a similarly potent gas-powered Mini Cooper S starts at $29,100, and a regular Mini Hardtop starts at $25,100. The Mini Cooper SE doesn't have a range estimate for the United States yet, but European estimates put it at 146 to 168 miles. We expect Mini's latest EV to have a shorter EPA-estimated range than the 150-mile, 40-kWh Nissan Leaf, which starts at $30,885 before incentives, and $23,385 after the $7,500 federal tax credit. The Leaf has more rear seat and cargo space plus more torque at 236 pound-feet, but the Mini has more power than the 147-horse Leaf. Whatever price you pay for your Mini Cooper SE, you'll get an electric motor that sends 181 horsepower and 199 pound-feet of torque to the front wheels. Mini says that will propel the car to 60 mph in 6.9 seconds on its way to a 93-mph top speed. The car's 32.6-kWh battery can fully charge in 4 hours on a Level 2 AC charger, and it can reach 80% charge in 35 minutes with a DC fast charger. Outside, the electric Mini has a unique blocked-off grille and standard 16-inch wheels. Inside, the SE gets a standard 6.5-inch infotainment screen with navigation and Apple CarPlay, Bluetooth connectivity, a leather steering wheel, leatherette upholstery, cruise control, heated front seats, automatic climate control, automatic windshield wipers and automatic emergency braking.

U.S. issues new tariff threat, this time against British-built cars

WASHINGTON — Britain is the United States' closest ally but their long friendship may be sorely tested as the two countries try to forge a new trade agreement after Britain's exit from the European Union. U.S. Treasury Secretary Steven Mnuchin said on Saturday in London that he was optimistic that a bilateral deal with Britain could be reached as soon as this year. But Mnuchin gave up no ground after a second meeting with his UK counterpart, Sajid Javid. Javid has insisted that Britain will proceed with a unilateral digital services tax, despite a U.S. threat to levy retaliatory tariffs on British-made autos. Mnuchin told reporters after Saturday's meeting that such taxes would discriminate against big U.S. tech companies like Alphabet Inc's Google, Apple, Facebook and Amazon. The UK Treasury declined to comment on the private meeting. The divide highlights the challenges ahead as the Trump administration seeks a new bilateral agreement with Britain, part of a broader push to rebalance relations with nearly all its major trading partners. The stakes are high — British Prime Minister Boris Johnson has pegged the trade deal with United States as a way to ease the pain of breaking with Europe, Britain's largest trade partner. U.S. President Donald Trump, has promised a "massive" trade deal to support Brexit, the product of a populist movement similar to his "America First" agenda. The goodwill and special relationship the two countries have enjoyed for decades may not count for much, experts say. "Trump is not going to be doing Johnson any favors," said Amanda Sloat, a senior fellow with the Brookings Institution in Washington. "He's not going to give him a trade deal without major concessions." Even before the digital tax issue arose, the Trump administration threatened to tax foreign car imports, which could hit British-made Jaguar, Land Rover, Mini, and Honda Civic hatchback cars. Stiff U.S. trade demands include increased access for U.S. farm goods, concessions that will be difficult for Britain's entrenched natural food culture to swallow. The United States also wants Britain to change the way its National Health Service prices drugs and allow in more U.S. pharmaceuticals, which could prove politically unpopular for Johnson's government. Washington's demand that London block Chinese telecoms equipment maker Huawei Technologies Co Ltd for national security reasons could also cloud talks.