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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.

Next-gen Mini Hardtop spy shots show dramatic changes

We've seen the next-generation Mini Hardtop a few times, but under significant amounts of vinyl camouflage. But apparently Mini got careless, and someone snagged photos of a completely undisguised prototype, which were shared by Twitter user Greg Kable. While the front end is a pretty predictable update, the rear end and interior are major departures. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The face will be familiar to anyone who has seen a current Mini. The grille is quite large and composed of a large contrasting frame and a body color filler in the middle, with a couple small openings at the top and bottom. It does appear to be a bit smaller overall compared to the current model, and with a thinner frame. The headlights are still round as ever, but appear a bit larger, and now they feature little lines at the top and bottom that almost look like cute eyelids. Interestingly, the hood no longer has holes cut out for the headlights, and the cut lines are higher up. The profile, as far as we can tell, is still typical Mini. The only real change there is the replacement of the pull handles with flush-fitting units. At the back is where the major exterior changes take place. The lozenge-shaped taillights of the past are gone in favor of angular trapezoidal units. They feature black-lined overlays, and they blend into the black trim piece that stretches across the hatch. The lights appear to be a part of the hatch, too, and will likely swing up with the hatch when opened. The rear fenders look wider than before relative to the greenhouse, giving this new Mini a lower, wider appearance. This particular prototype has an S badge in what looks like a yellow-green color, so we believe this may actually be an SE electric model. Moving to the inside, the new Mini holds on to some classic design cues, but reimagines them with modern technology and a minimalist theme. The dash is dominated by a huge, thin circular display, which evokes past round displays and gauge clusters from classic and more modern Minis. There's no gauge cluster in front of the driver, either, so the center screen will likely feature driving information in addition to other infotainment functions. The driver does at least get a head-up display, so there will still be the ability to have speed and other info directly in front of the driver.

Paul McCartney's Aston sells for $1.8M; Ringo Starr's old Mini goes to a Spice Girl

The Bonhams Bond Street auction in London was the place to be for fans of both The Beatles and automobiles as two cars once owned by former members of the band were up for auction. The first was an Aston Martin DB5 owned by Paul McCartney, and the second was a Mini Cooper owned by Ringo Starr. Both went for substantial sums, and the Mini went to an interesting owner. The Aston brought the big bucks, or pounds, since it was a British auction. The final price with premium was barely over $1.8 million, which fell smack in the middle of Bonham's estimate. It's an impressive price on its own, but more so when compared with its sale back in 2012. Back then it was painted in the same blue it had originally, and it only sold for $495,000, making this new sale more than three times higher. View 22 Photos The Mini went for much less, at just under $137,000 with premium. But the car went to an interesting owner, Geri Horner, nee Hollowell, whom you may know better as Ginger Spice of the Spice Girls. The Mini itself is interesting, too. Each of The Beatles owned a classic Mini at some point, but Ringo Starr's was unique because the flip-down tailgate was converted to a modern-style lift-up hatch incorporating the rear window. Reportedly the reason was so Starr could easily fit his drum kit in the back. It also featured a custom grille, driving lights, hood vents, and soft sunroof among other things. It even appeared on " Top Gear" in 2001. And before we forget, McCartney's DB5 also has " Top Gear" history in that it was owned by former host, Chris Evans. Related Video: Featured Gallery 1964 Aston Martin DB5 owned by Paul McCartney View 13 Photos Image Credit: Bonhams Celebrities Aston Martin MINI Auctions Coupe Hatchback Classics aston martin db5 the beatles