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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.

2021 Mini Countryman shows off its fresh face

The 2021 Mini Countryman has been spied once again, and it has shed some of its camouflage. We get a really good look at what appears to be the base Countryman's new front and rear fascias, updated taillights and interior. Otherwise, the little crossover is mostly unchanged. Up front, the bumper changes from three large grille openings to one standard one, and it gets the same slats as the grille between the headlights. On either side are big, round fog lights, which are themselves flanked by openings that probably create wind curtains around the wheels. Looking at the headlights, they have new internals with more squared-off projector surrounds. We also get some good looks at the John Cooper Works model. The shots of it at the Nurburgring give us a good look at the front, which looks generally unchanged with the same front bumper as the current car, but possibly with a new grille and headlight design. At the back, the car reveals new Union Jack taillights similar to those introduced on the Mini Hardtop and Clubman. Another photo shows what seems to be a John Cooper Works Countryman with part of a cloth cover lifted. This shows the rear bumper is mostly the same, but it gets a new mesh grille pattern over the rear diffuser area. Finally, we get a look at the interior. Most of it is the same, but the instrument cluster loses the analog dial of the current model. In its place is the oval-shaped cluster from the Mini Cooper SE electric car, which likely combines analog dials on either side with a screen nestled between. These changes are all relatively minor, and seem to be production ready. As such, we would expect the changes to be introduced for the 2021 model year. The reveal could be later this year. Of course, it's also possible the changes could be pushed back in the wake of the coronavirus crisis. Related Video:

Magna Steyr to assemble as many as 70,000 BMW 5 Series models yearly

Soon, not all BMW 5 Series models will be assembled by BMW. Yes, we know that sounds strange, but it's not at all uncommon. For instance, the Mini Paceman and Countryman hatchbacks – and remember, the Mini brand is owned by BMW – are assembled in Graz, Austria, by Magna Steyr, a company that specializes in building cars for other automakers. Soon, though, the contract Mini has with Magna Steyr will be coming to an end, and that means the Austrian company will have excess capacity on its hands. That production capacity will be filled soon enough, however, by BMW 5 Series models, according to a report from Automobil Produktion in Germany. Magna Steyr will build between 50,000 and 70,000 of BMW's mid-level model, according to the report, but there's no indication of which 5 Series model or models (and there are many shapes and sizes to choose...) will be moved to Austria from BMW's plant in Dingolfing in southern Germany. With 373,053 units sold in 2014, the 5 Series is BMW's second-most-popular model, after the 3 Series. BMW told Automotive News Europe that it doesn't comment on those kinds of reports, which, as is usually the case, is neither confirmation nor denial. It's worth noting that the two-door Mini Paceman isn't a part of the brand's plans moving past 2015, though the Countryman soft-roader that currently stands as the largest member of the automaker's family will soldier on. Related Video: Related Gallery 2014 BMW 5 Series sedan View 29 Photos News Source: Automobil Produktion via Automotive News Europe - sub. req.Image Credit: Markus Leodolter / AP Plants/Manufacturing BMW MINI Hatchback Wagon Luxury Performance Sedan austria