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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.

2013 Mini Cooper S Paceman All4

In just over a decade, Mini has expanded its modern range from the singular Hardtop model (launched in 2002) to a full range of little runabouts. The latest of these is the Paceman, and while European Editor Matt Davis gave us the full scoop on this model late last year, we recently spent time with the all-wheel-drive model just outside of Ponce, Puerto Rico.
It's weird, this Paceman. It slots in between the Hardtop and the Countryman (on which its based) in terms of size and functionality, and Mini says that it will appeal to a more style-conscious shopper. Key competitors range anywhere from the Nissan Juke on the low end to the Land Rover Range Rover Evoque on the high end.
After spending lots of time with the Countryman, we're convinced that maxi can still be Mini. And the same is true with this Paceman, too.

2020 Mini Clubman makes many mini changes

The mid-cycle refresh for the 2020 Mini Clubman brings small-scale cosmetic alterations from front to back. The new grille dominates the front end. It's no larger than before, but by getting rid of the black bumper shape for six horizontal bars optionally dressed in chrome, the opening looks bigger. Clubman S models still fit hexagonal mesh into the opening, smaller hexagons on the new model set off by the single chrome accent of the previous model. New standard halogen headlights house larger reflectors and a black shield, the fog lights in the lower bumper illuminating as DRLs. The first set of optional LED headlights are arranged in a new design and employ LEDs for high and low beams. On these, an LED ring lights up to act as the primary DRL and the turn signal. A more feature-filled LED option includes adaptive headlights that can turn and adjust their brightness and throw automatically, and auto high-beam dipping. If we get that latter option in the U.S., it won't be with full functionality. The new rear LED taillights come standard and illuminate in a Union Jack pattern. Three new colors join the palette: Indian Summer Red metallic, British Racing Green metallic, and Mini Yours Enigmatic Black metallic. Optional Piano Black exterior trim replaces chrome with the glossy black stuff, and an optional sport suspension lowers the ride height by 10 millimeters. Extra wheel choices come in 18-inch Multiray Spoke two-tone and MINI Yours British Spoke two-tone flavors, along with 19-inch John Cooper Works Circuit Spoke two-tone rims. The Mini Yours program collects a suite of new personalization possibilities such as a sports steering wheel and a Leather Lounge Carbon Black interior leather treatment with a perforated Union Jack pattern on the seat headrests. Mini Yours ambient lighting treatments highlight the door bezels, cockpit bezel, cockpit and center console trim in hues to match three themes: Piano Black illuminated, Frozen Blue illuminated, and Fibre Alloy illuminated. A Union Jack emblem on the side windows marks the choice. A Leather Chester interior in Malt Brown, Indigo Blue, or Satellite Grey provides a different kind of flair. The infotainment gains a permanent 4G-LTE SIM card for always-on connectivity and over-the-air updates. After debuting at Auto Shanghai, we await pricing before the model goes on sale later this year.