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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.

Thanks to smaller engines, vehicle dependability falls for first time in 16 years

As automakers have made engines smaller and smaller to improve fuel economy, problems in those vehicles have gotten bigger and bigger. That's the synopsis of a J.D. Power vehicle-dependability study, which found that dependability dropped for the first time in 16 years, largely because the proliferation of four-cylinder engines is causing the vehicles to be less reliable. Specifically, the number of problems per 100 vehicles (or what J.D. Power calls PP100) during the past 12 months for 2011 model-year vehicles rose six percent from the year-earlier figures for 2010 model-year cars. Singling out four-cylinder vehicles revealed about a 10-percent increase in problems during the past year. This issues largely related to engine hesitation, rough transmission shifting and lack of power, signaling the inability of vehicle makers to iron out some of the problems in their smaller engines as they strove for better fuel economy. Six- and five-cylinder engines proved far more reliable. Among car brands, BMW's Mini sub-brand came out as least reliable, with 185 problems per 100 vehicles during the past year. Toyota's Lexus badge was easily the most reliable, with just 68 problems per 100 vehicles. Coming in second place was Mercedes-Benz. The overall average was 133. Check out J.D. Power's press release below. J.D. Power Reports: Increased Engine and Transmission Problems Contribute to Decline in Vehicle Dependability for The First Time in More Than 15 Years General Motors Company Receives Eight Segment Awards, While Toyota Motor Corporation Garners Seven and Honda Motor Company Earns Six WESTLAKE VILLAGE, Calif.: o Owners of 3-year-old vehicles (2011 model year) report more problems than did owners of 3-year-old vehicles last year, according to the J.D. Power 2014 U.S. Vehicle Dependability StudySM (VDS) released today. The study, now in its 25th year, examines problems experienced during the past 12 months by original owners of 2011 model-year vehicles. Overall dependability is determined by the number of problems experienced per 100 vehicles (PP100), with a lower score reflecting higher quality. The study finds that overall vehicle dependability averages 133 PP100, a 6 percent increase in problems from 126 PP100 in 2013. This marks the first time since the 1998 study that the average number of problems has increased. "Until this year, we have seen a continual improvement in vehicle dependability," said David Sargent, vice president of global automotive at J.D.

2019 Mini Cooper Oxford Edition Drivers' Notes Review | Lots of fun for a select few

The 2019 Mini Cooper Oxford Edition is an interesting little model. It's available in both 2- and 4-door Hardtop configurations and aimed at and specifically for college students, recent grads, those in law or medical school as well as active duty or recently discharged or retired members of the military. No one else qualifies to buy one, which is a bummer, because the Oxford Edition is one smoking deal.  Not only does it undercut the price of a bare-bones Cooper, it packs in nearly $7,000 worth of features at no additional cost. That includes stuff like heated seats, a panoramic moonroof, parking sensors and 17-inch wheels. Power still comes from a turbo inline-three, and while an automatic transmission is standard, a six-speed manual is a no-cost option. While the standard Cooper has questionable value given the small size and relatively high price tag, the Oxford Edition is a far more compelling offering. Senior Editor, Green, John Beltz Snyder: This is such a joyful car to drive. It's quick, spritely and engaging. It feels great rowing through the gears, especially the way the car comes to life as you release the clutch in third gear. The car feels peppy in the low-to-mid rev range, but loses some steam as you climb to the top. The shifter is a little light, though, and it needs a firmer gate to keep you from accidentally shifting into reverse instead of first. There needs to be a more distinct feel from gear to gear in general. The clutch travel is long, but I don't mind it, and the high take-up point feels natural. The less-hot Minis of today feel much more refined than those of yore, while scorchers like the JCW remind me of the older, rawer Minis in their road-going manner, though with more contemporary design, tech and amenities. If I were to buy a Mini myself, it'd be a Hardtop like this — I don't need a lot of power to have fun, day to day, and this one is comfy. I wouldn't be eligible for the Oxford deal, which is a shame, because I really like this configuration, especially for the price. Associate Editor Joel Stocksdale: I almost completely agree with John, the regular Mini Cooper is exemplary of good, simple fun. It makes less than 140 horsepower and pound-feet of torque. That's not a lot of power, but it's enough that you can confidently floor it anywhere in public without breaking the law. And it feels nearly as eager and darty as the JCW, so you can keep your speed up as you rip it around corners.