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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 Vision Next 100 Concept: It's the autonomy, stupid

The concepts that Mini and Rolls-Royce showed off today – the Vision Next 100 Concept and 103EX, respectively – are all about autonomy. The Rolls-Royce doesn't even have a place for a "driver." And even though both are very much blue sky concepts, corporate parent BMW thinks it will make fully-autonomous cars within the next five years. That's according to Peter Schwarzenbauer, Member of the Board of Management of BMW AG, MINI, BMW Motorrad, Rolls-Royce, and Aftersales BMW Group, who also told us that both cars, at least in concept, are fully electric. The Rolls-Royce has dual-drive, 250kw motors mounted fore-and aft, on front and rear axles. While the Rolls is clearly a luxury concept for the monied few, the Mini is very much focused on a shared economy. Holger Hampf, Head of User Experience, BMW Group, said the chief design challenge of a car-sharing world is producing a car that could in theory mean different things to different borrowers. You get exclusivity because each car would morph according to the borrower's desires. BMW/Mini already have a car-sharing program in London called DriveNow, and a pilot program in Seattle called ReachNow, focused on the idea of shared exclusivity. ReachNow, which allows Mini/BMW owners to lend their cars out in an AirBnB-type scheme or to borrow "fleet-style cars," are immutable – however the car that was ordered is what the borrower or the owner will get. That's great if you're the owner, but it's also challenging for both anyone who'd buy that car used or for anyone borrowing the car. And if the future of most cars is a shared model (Ford is now offering multi-person leases among up to six buyers in a pilot program in Austin, Texas), customization is impossible. The result is what Schwarzenbauer derogatorily calls "normed." He says carmakers have to relearn to brand for a world where ownership is devalued but customization is key. To that end the MINI VISION NEXT 100 is "skinned." We've seen this before with the BMW NEXT concept that was revealed at the NY Auto Show this past spring, and the idea is to use the exterior of the car as a canvass that changes according to setting. Indeed Mini envisions that in a multi-driver household, the vehicle's customization could easily include changing colors according to driver preference – automatically. Dr.

Mini Hardtop Oxford Edition priced as the range's value champion

Mini has released pricing information for the 2022 Hardtop Oxford Edition, a value-oriented trim level positioned as the entry point into the range. Offered with two or four doors, it's surprisingly just as affordable as it was in 2018. The Oxford Edition is an evolution of the Classic trim, which was updated with a new-look design for 2022. It comes standard with 17-inch wheels, LED headlights, leatherette upholstery, heated front seats, an 8.8-inch touchscreen, a digital instrument cluster, and several electronic driving aids. It's the cheapest Mini, but it's clearly not cheap in every sense of the word. Buyers have six exterior colors to choose from, and they can select black or gray wheels. Oxford Edition models share their drivetrain with the standard Hardtop Cooper. Power comes from a turbocharged, 1.5-liter three-cylinder engine, which produces 134 horsepower and 162 pound-feet of torque. It spins the front wheels via a six-speed manual transmission. Light and nimble, the Cooper is close in spirit to the original Mini. Pricing for the 2022 Oxford Edition starts at $20,600 for the two-door model and $21,600 for the four-door, figures that include a mandatory $850 destination charge. In comparison, the 2019 models launched in 2018 cost exactly the same; even the destination charge hasn't increased, which is extremely unusual in the automotive industry. Mini notes the Oxford Edition represents a $6,150 value. Ordering a standard two-door with the aforementioned features would increase its price to $26,750 including destination, while a four-door would cost $27,750. Buyers willing and able to stretch their budget can order the Oxford Plus package, which bundles a seven-speed dual-clutch automatic transmission and a panoramic sunroof (two of the Hardtop's most popular options) for $1,500. While the first Oxford Edition was initially only for college students and recent graduates, and later also for military members and recent retirees, Mini told Autoblog the 2022 model can be ordered by all buyers regardless of where they work, if they work, and whether they go or went to college. It's available now across the nation.