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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 PHEV caught at electric watering hole

Our spy photographers have once again found the next generation Mini Countryman out testing in the wild. This time, they caught it replenishing its thirst for electrons. Although we knew some sort of hybrid Countryman was coming, this confirms its existence and plug-in capabilities beyond any reasonable doubt. Like the rest of the Mini lineup, this new Countryman will be noticeably larger than its predecessor. It also appears to feature a larger, more aggressive grille and lower intake vents. Other than that, the car appears to be quite evolutionary in design. Our spy photographers expect the plug-in hybrid Countryman to debut in 2019 powered by a combination of the 1.5-liter turbocharged three-cylinder and an electric motor. We have also predicted that the gasoline engine could power the front wheels while the electric motor (or motors) powers the rear wheels, which together could provide all-wheel-drive and 240 horsepower. Related video:

2020 Mini Cooper S E caught completely uncovered at photo shoot

Thanks to one of our spy photographers, the wait to see Mini's latest electric car is now over. The 2020 Mini Cooper S E was caught completely uncovered during an apparent photo shoot, probably for press and marketing materials. The finished car isn't all that different from the regular 2019 Mini Cooper hatchback and convertible, but it does have a few unique features. From the front you'll immediately notice the filled-in grille. It's bisected in the middle by a highlighter yellow stripe that contains a small opening, just like on the concept. It's basically the inverse of a gas-powered Mini's grille. There's also a circular medallion attached to the grille indicating its electric powertrain. The only other exterior changes include the electric logo debossed in the fuel-filler door, which is obviously now a charging port cover, and the wheels, which are smaller versions of the asymmetric pieces seen on the concept. Otherwise the metal body panels, bumpers, lights, windows and everything else on the body is taken directly from the regular Mini hatch. Since Mini is taking official photos of the car, we expect it's pretty much finished and ready for launch very soon. That would be in keeping with Mini's statement that the car would launch this year. The Frankfurt Motor Show this fall would be a possibility for the release, but we wouldn't rule out something even earlier. Details about the powertrain are scarce. We'd love to see similar specs to the 2009 Mini E, which made 204 horsepower and 162 pound-feet of torque, and had a range of around 150 miles. That said, reports indicate the 2020 Mini Cooper S E will borrow the drivetrain from BMW's i3, which would mean 168 hp, 184 lb-ft, and a range of around 114 miles from a 33.8-kWh battery pack. We'll find out for sure soon enough.