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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 getting serious with next Countryman SUV

With the core Hardtop and new Clubman already revealed, Mini is moving along with its plans to expand its model lineup around five "hero" models. Next down the pipeline will likely be the new Countryman, which Autocar projects will be larger and more rugged than the existing model. According to the British publication, the new Mini Countryman is set to take more of a proper SUV approach than the outgoing crossover. That means an even larger form, and more serious off-road chops to better take advantage of the connection with the X-Raid rally machine that has been dominating Dakar for the past four years. It's expected to be based on the same UKL front-drive architecture as the Hardtop, Clubman, and BMW 2 Series Active Tourer, and offer the latter's all-wheel-drive system as well. Those underpinnings would still make it a crossover, strictly speaking, but with a more rugged approach. It could also emerge a good half-foot longer than the model it will replace, over a third of an inch wider, and offer considerably more cargo space. Although the existing Countryman was derided by many as a step too far for the Mini brand, it ended up accounting for a substantial share of the company's sales – making its replacement a no-brainer for the BMW Group. That's more than could be said for the quirky Paceman crossover coupe, which is not expected to follow this time around, however a slant-backed Countryman variant could be in the cards. The next question is what Mini might do next. Of the five core models it's anticipated to launch, the Countryman would be the third. The Superleggera roadster, a smaller hatchback like the Rocketman concept, and a larger minivan potentially to be dubbed the Traveller have all been rumored. Of course, whatever goes into production could be something else entirely. We'll just have to wait and see. Related Video:

Mini recalling 92k vehicles over airbag flaw

An issue with the airbags on Mini hatchbacks and convertibles has prompted BMW of North America and the National Highway Traffic Safety Administration to issue a recall for an estimated 91,800 vehicles. The problem, according to the notice below, stems from the occupant detection mat for the front passenger seat, which may fail to detect a passenger present and therefor fail to deploy the airbag in the event of a crash. The specific models affected by the recall are the Mini Cooper and Cooper S hardtops from the 2005 and 2006 model years and manufactured between January 5, 2005, and November 28, 2006, as well as the Mini Cooper Convertible and Cooper S Convertible from the 2005 to 2008 model years, manufactured between January 5, 2005, and July 31, 2008. To address the issue, Mini dealers will be replacing the front passenger seat occupant detection mat, with recalls set to commence on May 1. Related Video: RECALL Subject : Front Passenger Seat Occupant Detection Mat Report Receipt Date: APR 06, 2015 NHTSA Campaign Number: 15V205000 Component(s): AIR BAGS Potential Number of Units Affected: 91,800 Manufacturer: BMW of North America, LLC SUMMARY: BMW of North America, LLC (BMW) is recalling certain model year 2005-2006 MINI Cooper and Cooper S vehicles manufactured January 5, 2005, to November 28, 2006, and 2005-2008 MINI Cooper Convertible and Cooper S Convertible vehicles manufactured January 5, 2005, to July 31, 2008. Due to manufacturing, installation, and exposure issues, the front passenger seat occupant detection mat may not function properly and, as a result, the front passenger air bag may not deploy in a crash. CONSEQUENCE: An improperly functioning mat may cause the passenger frontal air bag to be inactive when the seat is occupied, and in the event of a crash, the air bag will not deploy, increasing the passenger's risk of injury. REMEDY: MINI will notify owners, and dealers will replace the front passenger seat occupant detection mat, free of charge. The recall is expected to begin May 1, 2015. Owners may contact MINI customer service at 1-866-825-1525. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.