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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.

Enter to win a 2020 Mini Cooper SE Electric and $10,000 cash

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Enter to win this giveaway or any other Omaze experience between now and December 31, 2020, and receive 150 bonus entries with Autoblog’s exclusive code AUTOBLOG150. Simply add the discount at checkout. There are some incredible cars on Omaze, including Broncos and 911s converted to electric, Range Rover Sport SVRs that can hit 150 mph and ford a river (not at the same time of course), and camper vans that allow you to live wherever youÂ’d like. While it would be incredible to win any of those vehicles, it's probably best that you actually consider them dream cars. And that you have the extra garage space. By contrast, an electric Mini Cooper SE is a practical car you can drive day in and day out, while saving the dollars in your bank account for that project that really is your dream car. Win a 2020 MINI Cooper SE Electric and $10,000 - Enter at Omaze Plus, not only does this prize come with the car, it also comes with $10,000 cash to spend however youÂ’d like. I donÂ’t know about you but that would be a nice down payment on my dream rig (a 70 Series Land Cruiser if anyone is wondering). Taxes and shipping costs are also covered. And of course because itÂ’s on Omaze, your entries will go toward helping a great organization, specifically, Feeding America. “(It) is the nationÂ’s largest domestic hunger-relief organization. Their network of food banks, pantries and meal programs serve virtually every community in the United States, reaching 40 million people (including 12 million children and 7 million seniors). Feeding America works to get nourishing food — from farmers, manufacturers, and retailers — to people in need. They also seek to help the people they serve build a path to a brighter, food-secure future. Your generosity will help Feeding America continue to connect people with food and work to end hunger.” If youÂ’d like this two-door EV in your garage, enter this drawing quickly, as the deadline to enter is Nov. 17, 2020, at 11:59 p.m. Pacific time. Enter to win this giveaway or any other Omaze experience between now and December 31, 2020, and receive 150 bonus entries with AutoblogÂ’s exclusive code AUTOBLOG150. Simply add the discount at checkout. MINI Commerce deals

2020 Mini Cooper SE First Drive | Little range, big fun

The all-electric Mini Cooper has been a long time coming. The company’s first step toward electrics began in 2008 with the experimental Mini E, a car that used a powertrain co-developed with an outside company and that had some major compromises. It didn't have a back seat, there was even less cargo space than a regular Mini and it wasnÂ’t available to purchase, being offered in limited numbers for a short lease. More than a decade later, the 2020 Mini Cooper SE is available for purchase or lease to anyone, and offers the complete Mini experience, with in-house BMW-Mini technology and fewer compromises. ThatÂ’s also how Mini is marketing the Cooper SE: The S in the name is there to tell you it's as much fun to toss around as the grin-inducing Cooper S. The blunted performance from extra weight and limited range might say otherwise, but from behind the wheel, this is a Mini worthy of its S, and not some fun-challenged economy-mobile. The powertrain uses the same electric motor youÂ’ll find in a BMW i3. It makes 181 horsepower and 199 pound-feet of torque, which is just 8 hp and 8 lb-ft less than the gas Cooper S. Weight is an issue for performance numbers, since the 3,153 lbs SE lugs around an extra 453 lbs compared with its gas sibling. That reduces its 0-60 mph time from 6.5 seconds to 6.9, and its top speed also drops to just 93 mph as a function of its single-speed transmission. But a half-second to 60 mph is less significant from behind the wheel. Simply put, the Mini Cooper SE feels sprightly. It has the electric motor trademark of instant throttle response, which is amplified by the more aggressive throttle setting in Sport mode. The other trademark is a big lump of torque, though not quite as much as the tire-torching Chevy Bolt EV or Hyundai Kona Electric. These characteristics make the Mini fun for squirting around town and for making passes on the highway. Power starts falling off if you keep your foot down, so on-ramps arenÂ’t as thrilling as the longer-legged gas Minis. Also impressive are the regenerative braking modes. The Cooper SE has a mild mode and an aggressive one, with the former feeling a bit like the engine braking in a manual-equipped gas car, and the heavy one making it easy to drive with one pedal. The extra weight doesnÂ’t hinder handling. In fact, there may be some incremental improvements, as the electric Mini has a 50/50 front/rear weight distribution, better than the front biased gas Minis.