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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.

Mini goes zany with latest accessories catalog

Driving a Mini is most definitely an individualistic choice - one that not everyone would get on board with. So if you're going to go with such a fashion statement, you might as well give it your own sense of style. That's where Mini's new line of accessories come in.
Available for the new third-gen Mini hardtop, the accessories offer buyers the opportunity to customize their retro hatchback as best they see fit. There are roof graphics, accessory lighting, wheel upgrades and mirror caps (like the cartoonish ones pictured at right) just like you would have found in the parts catalog for previous iterations of the Mini, but now the brand is offering four appearance kits it's calling Mini Design Lines.
The kits are color coordinated in either Vivid Green, Speedwell Blue, John Cooper Works Pro (in black, red and grey) and Essential Black and include everything from the interior trim to exterior graphics. They might not be to everyone's taste, but that kinda strikes us as the point. Scope 'em out in the extensive high-res image gallery above and the details in the press release below.

Mini Paceman modified by Roberto Cavalli for annual Life Ball charity

This year's award for Life Ball Mini designer goes to Roberto Cavalli. The Life Ball is a charity event held in Vienna, Austria every year that raises money to fight the spread of HIV and AIDS. Since 2001, the year of its reintroduction, Mini has been involved with the ball, auctioning a car that has been made over by a world-famous designer. This year Cavalli gets the nod and a Paceman for a canvas.
The iridescent brown/black paint is the eye-catcher in the sketch above (click to enlarge), but don't forget to note Cavalli's logo on the roof. We're not sure what other flourishes he has in mind for the car, but those in attendance will find out on May 24 when it's unveiled at the Cavalli store opening in Vienna. The press release below has more details.