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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.

Lots of Land Rovers, Jaguars and Minis actually survived that near-capsized ship

Despite a severe list to starboard, many of the 1,400 cars and SUVs aboard the 51,000-ton Hoegh Osaka are currently being recovered in salvageable condition, with video showing some of the vehicles from British brands Land Rover, Jaguar and Mini, being driven ashore under their own power. The car-carrying vessel developed a severe list on January 3 and was intentionally run aground on a sandbar between England and the Isle of Wight. It has since limped its way back to port in Southampton, where damage assessments are being conducted on both the ship and its $53-million in cargo. According to the company that owns the car carrier, the ship itself only suffered minor damage in the incident, while Car and Driver is reporting that many of the damaged vehicles will almost certainly be scrapped. Still, the fact that there are vehicles, some of which appear undamaged (look at that Defender at 0:50!), being removed from the Hoegh Osaka needs to count as a net win. News Source: Car and Driver, WonkaBar007 via YouTube Jaguar Land Rover MINI Coupe Crossover Hatchback Luxury Off-Road Vehicles Performance Videos Sedan

Mini Clubman Concept throws open all six of its doors for Geneva

Coming in just over 10 inches longer and 6.5 inches wider than the 2013 Mini Clubman, the new Mini Clubman Concept that you see above is set to debut at the Geneva Motor Show next week. Let's get the maximum mini jokes out of the way right off the bat... Done? Okay, moving along.
Adrian van Hooydonk, Head of BMW Group Design, says that this Clubman Concept "shows how the Mini Clubman could be taken a step further: more interior space, a greater sense of high-end quality and yet still clever, bold and distinctive." And that extra interior space will be accessible through four real doors, eschewing the single-sided barn door approach of the current Clubman. Well, mostly - there's still the side-by-side barn door philosophy at the back instead of a more traditional upward-opening hatch. In fact, spy shots and early rumors pegged this more conventionally doored Mini as a new model selling under a new name, possibly Traveller. However, it appears that Mini will stick with the brand equity it has established with Clubman instead.
As you can see in the small image gallery above, the Clubman Concept is instantly recognizable as a Mini, though a somewhat more refined overall package than past efforts. The front headlamps still have a bit of a surprised look to them, but we think this concept's overall fascia, and its unique bright finishes, might be more successful than the latest Cooper's. At the rear, there are a set of rather large taillights dominating the view, and we note that the prevalence of air intakes and scoops at parent BMW have moved on down to the Mini line. We'll have to reserve final judgment until we see the Clubman Concept in person.