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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.

2017 Mini Countryman is even bigger and now has a plug-in model

The least mini Mini is getting, um, less mini. Great, now we're done with the "mini" jokes from here on out. The all-new, second-generation Countryman is wider, longer, and rides on a stretched wheelbase. And oh yeah, the plug-in hybrid is the first electrified Mini since the Mini E last seen in 2010. By adding 8.1 inches of length and 1.3 inches to the width, the Countryman is easily the biggest Mini ever built. As a key-carrying fan of Mini's older pint-sized models, this is a disappointment. But the size increases pay dividends in the cabin, making this effectively the first Mini that won't result in assault charges for forcing passengers to ride in the back. The 2.9-inch stretch in the Countryman's wheelbase contributes to a hefty 3.8-inch jump in second-row legroom, and there's around two inches of extra shoulder room in both rows. There's a bump in cargo volume, too. Trunk space increasesby 1.1 cubic feet with the second row up, and 5.4 cubic feet with the back seats folded down. That cargo space is easy to reconfigure, too, with a 40/20/40 split in the seats and up to five inches of fore/aft movement. So yes, the Countryman is an annoyingly large Mini, but it's inarguably the most versatile and family friendly vehicle ever built by the British brand. Whether the overall dimensions please or anger you, everyone can get excited by the changes under the hood. Leading the pack is the first-ever hybrid Mini. Called the Cooper S E Countryman All4, Mini paired its excellent 1.5-liter, turbocharged three-cylinder with a 7.6-kilowatt-hour lithium-ion battery and an 87-horsepower electric motor for total output of 221 horsepower and 284 pound-feet of torque, which is enough for a brisk 6.8-second run to 60 miles per hour. Fully charged from the plug on the driver's side front fender, the latest electrified Mini can cover 24 miles at up to 77 miles per hour. We like that kind of balance. But while the Cooper S E Countryman is almost certainly very efficient, there are a few sacrifices. The biggest is the 9.5-gallon fuel tank, which is far smaller than the standard car's 16.1-gallon tank. That's not a problem if you have time to charge regularly, but it will be an annoyance on sustained road trips. Like the BMW X5 xDrive40e, the Countryman PHEV will feature three separate powertrain modes. Auto eDrive leaves things up to the car's computers, Max eDrive forces the car to run on electrical power alone, and Save Battery does exactly what it says.

28 "flexible ladies" cram into a Mini Cooper [w/video]

The Mini Cooper is now confirmed as a great car with which to pick up chicks-up to 28 of them at a time, to be specific. That's the number of limber ladies you can fit in a Mini, as proven earlier this week in London.
The flexible females used every available space in the car, including the footwells and dashboard, to set the Guinness World Record for the most people inside a 2012 Mini. They beat their own previous record of 27, set last year.
Organizer Dani Maynard said before the attempt that the girls had undergone extra training and stretching since last year's record-breaking stunt. "While we have not quite been able to fit any of the girls into the Mini's glove box, there is a surprising amount of space to utilise," she told UK news site Metro.