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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 Countryman Panamericana PHEV will tackle 16,000-mile trek

In addition to the electric version of the classic Mini, the cheeky British BMW subsidiary has another battery-powered offering to electrify attendees of the New York Auto Show. This one is a special version of the Mini Cooper SE Countryman ALL4, slated for a particularly impressive journey. The Mini Countryman Panamericana Plug-In Hybrid — or, rather, three of them — will traverse the world's longest north-south roadway route, traveling from North America to Tierra Del Fuego, at the very southernmost tip of South America. The biggest Mini gets a just a couple of upgrades for the high-mileage adventure, including tires with "emergency running characteristics" and a roof rack to carry a spare. The trip is meant to serve as a demonstration of the plug-in Mini's durability and performance, highlighting the benefits of a car combining electric mobility with traditional gasoline versatility. Its electric and gasoline motors provide a total of 224 horsepower, putting power to the front and rear wheels as needed. Mini notes that the Pan-American Highway, or the Panemericana, covers a total of about 16,000 miles, and requires a boat ride to cross the incomplete inter alia near the border between Panama and Colombia. The journey covers a number of different climatic zones, mountains and jungle and a range of surfaces ranging from smooth highways to gravel roads. Mini will be documenting the journey to the bottom of the world on its Instagram account. We'll be watching. Related Video: Featured Gallery Mini Countryman Panamericana Plug-In Hybrid View 19 Photos News Source: Mini Green New York Auto Show MINI Crossover Hatchback Electric Hybrid 2018 new york auto show panamericana

Mini Clubman All4 Scrambler Concept is the big Mini we want

Mini of Italy built a butch version of the Clubman for the 2016 Valentino Park Motor Show. Called the All4 Scrambler, it's what happens when a Mini takes inspiration from a BMW R Nine T Scrambler motorcycle. We must say, we like this brutish little car. The matte paint is Frozen Grey, a favorite of BMW's high-performance M cars, while the roof is black. There's a luggage rack up there, and the old-school leather suitcase in the cargo area looks like it'd be right at home strapped to the back of an touring bike like the R Nine T Scrambler. In fact, the best thing about this Clubman is the way Mini of Italy has blended the motorcycle's characteristics into a compact wagon. The knobbly tires are more aggressive than the R Nine T, but the overall aesthetic effect is the same. The rubber looks sporty and, unlike the production Clubman, they do a better job of filling out the wheel wells. Add in the rally lights and It's a great look. It's harder to see in these images, but there's also a matte black applique on the front and rear bumpers, side sills, and around the wheel arches. It's a practical move, of course, but it's also makes for a nice, aggressive effect. Mini's tweaks in the cabin are modest. The Nappa leather and Alcantara upholstery comes in a rich tan shade meant to mimic the R Nine T's seat. It looks so good we wish Mini offered some version of the color on the production Clubman – every car should have a tan leather option. The headliner gets an Alcantara finish, too. Overall, Mini of Italy has built a handsome, production-based concept. Buon lavoro, I miei amici. Related Video: