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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.

Magna Steyr to assemble as many as 70,000 BMW 5 Series models yearly

Soon, not all BMW 5 Series models will be assembled by BMW. Yes, we know that sounds strange, but it's not at all uncommon. For instance, the Mini Paceman and Countryman hatchbacks – and remember, the Mini brand is owned by BMW – are assembled in Graz, Austria, by Magna Steyr, a company that specializes in building cars for other automakers. Soon, though, the contract Mini has with Magna Steyr will be coming to an end, and that means the Austrian company will have excess capacity on its hands. That production capacity will be filled soon enough, however, by BMW 5 Series models, according to a report from Automobil Produktion in Germany. Magna Steyr will build between 50,000 and 70,000 of BMW's mid-level model, according to the report, but there's no indication of which 5 Series model or models (and there are many shapes and sizes to choose...) will be moved to Austria from BMW's plant in Dingolfing in southern Germany. With 373,053 units sold in 2014, the 5 Series is BMW's second-most-popular model, after the 3 Series. BMW told Automotive News Europe that it doesn't comment on those kinds of reports, which, as is usually the case, is neither confirmation nor denial. It's worth noting that the two-door Mini Paceman isn't a part of the brand's plans moving past 2015, though the Countryman soft-roader that currently stands as the largest member of the automaker's family will soldier on. Related Video: Related Gallery 2014 BMW 5 Series sedan View 29 Photos News Source: Automobil Produktion via Automotive News Europe - sub. req.Image Credit: Markus Leodolter / AP Plants/Manufacturing BMW MINI Hatchback Wagon Luxury Performance Sedan austria

Mini goes all Occulus Rift with Augmented Vision glasses [w/video]

If April Fools' Day hadn't already passed, this might have come off as a joke. For the upcoming Shanghai Motor Show, Mini has a prototype for an augmented reality system, and the tech looks absolutely bizarre. Developed in conjunction with Qualcomm, driver's don goggles that look like a cross between Google Glass and something a World War I aviator might wear, and being behind the wheel suddenly becomes almost like a video game. Called Augmented Vision, some of its features are similar to contemporary HUD systems, with displays of vehicle speed and navigation data, but this literally puts the info right in front of the driver's eye. There're sci-fi features too, like displaying floating arrows on the road to indicate where to turn to reach a destination, and perhaps coolest of all, the X-ray view lets you look through the car's doors and pillars to see outside. As a prototype, we wonder how much of this is nearly possible today and what's pure fantasy. See Mini's idea for the future of motoring for yourself in the clip below. Hopefully, we don't all have to wear such goofy looking glasses foe future tech, though. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. MINI AUGMENTED VISION: A REVOLUTIONARY DISPLAY CONCEPT OFFERING ENHANCED COMFORT AND SAFETY. Exclusive prototype of augmented reality eyewear underlines the innovative flair and creativity of the MINI brand. Munich, Germany, April 9, 2015. MINI is revealing the shape of things to come at the Auto Shanghai show with a pioneering innovation. "MINI Augmented Vision gives an insight into how intelligent connectivity between a MINI car and eyewear into which relevant content is projected might work in the future," explains Dr. Jorg Preissinger, project-manager MINI Augmented Vision, BMW Group research and technology. "Working with several Qualcomm companies, we have created an interlinked system and augmented reality eyewear with a characteristic MINI design that revolutionise the experience both in and outside the vehicle. This prototype with its customised, interactive functions succeeds in fusing augmented reality with the brand's trademark sense of lifestyle." Using see-through technology, the AR eyewear shows relevant information in the driver's direct field of vision but without concealing other road users, thereby serving to increase safety and comfort while driving.