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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 Cooper S Sidewalk Edition priced just under $40,000

Earlier this year, Mini announced the return of the Sidewalk Edition visual package for the 2021 Mini Convertible, one that appeared way back in 2007 with the first drop-top Mini. Now pricing has been announced at a base price of $39,250, and it will arrive at dealer lots in April. While the number of examples is limited in some markets, 150 in the U.K. for example, Mini hasn't announced a cap for American sales. Part of the high price is due to the fact that the special edition is only being offered on the Cooper S trim level, whereas in Europe, it will be available on various trims down to the entry-level Mini One. That means the U.S. version comes with a turbocharged 2.0-liter inline-four making 189 horsepower and 207 pound-feet of torque. It will come standard with a 6-speed manual transmission, but a 7-speed dual-clutch automatic will be available for an additional $1,500, pushing the price past the $40,000 mark. The package is available with either a dark metallic blue or a black paint job with a dark gray top. European models get a few more color options. All models come with custom wheels, badging and a leather interior to match the top. It also includes several optional features as standard including a heads-up display, 8.8-inch infotainment system, heated seats, automatic climate control, auto-dimming mirrors, upgraded sound system, LED headlights and fog lights and proximity locking and unlocking. Related Video:

Mini stretches out with new Hardtop 4 door [w/video] [UPDATE]

UPDATE: Information on US availability, specification and nomenclature added to the updated text below.
Few automakers have managed to spin off as many variants of essentially one vehicle as Mini has. The second generation produced even more versions than the first, and now that the third generation is upon us, the process is starting all over again. The jury may still be out on whether parent company BMW will roll out as many body-styles of this latest Mini as it did with the last, but here's our first indication.
Following the introduction of the new three-door Mini hatchback at the LA Auto Show, the Anglo-Saxon marque has introduced a new five-door model. Or four-door, depending on which Mini office you're speaking to: while this new model - an addition to the lineup and not a direct replacement for anything previously offered - is called the Mini 5 door by the factory, here in the US it's called the Mini Hardtop 4 door. Whatever you call it, though, this new Mini is essentially the same as the three-door model (or two-door model with a tailgate), only with - you guessed it - two extra doors. The new Clubman will be a separate model altogether.