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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 Hardtop Oxford Edition priced as the range's value champion

Mini has released pricing information for the 2022 Hardtop Oxford Edition, a value-oriented trim level positioned as the entry point into the range. Offered with two or four doors, it's surprisingly just as affordable as it was in 2018. The Oxford Edition is an evolution of the Classic trim, which was updated with a new-look design for 2022. It comes standard with 17-inch wheels, LED headlights, leatherette upholstery, heated front seats, an 8.8-inch touchscreen, a digital instrument cluster, and several electronic driving aids. It's the cheapest Mini, but it's clearly not cheap in every sense of the word. Buyers have six exterior colors to choose from, and they can select black or gray wheels. Oxford Edition models share their drivetrain with the standard Hardtop Cooper. Power comes from a turbocharged, 1.5-liter three-cylinder engine, which produces 134 horsepower and 162 pound-feet of torque. It spins the front wheels via a six-speed manual transmission. Light and nimble, the Cooper is close in spirit to the original Mini. Pricing for the 2022 Oxford Edition starts at $20,600 for the two-door model and $21,600 for the four-door, figures that include a mandatory $850 destination charge. In comparison, the 2019 models launched in 2018 cost exactly the same; even the destination charge hasn't increased, which is extremely unusual in the automotive industry. Mini notes the Oxford Edition represents a $6,150 value. Ordering a standard two-door with the aforementioned features would increase its price to $26,750 including destination, while a four-door would cost $27,750. Buyers willing and able to stretch their budget can order the Oxford Plus package, which bundles a seven-speed dual-clutch automatic transmission and a panoramic sunroof (two of the Hardtop's most popular options) for $1,500. While the first Oxford Edition was initially only for college students and recent graduates, and later also for military members and recent retirees, Mini told Autoblog the 2022 model can be ordered by all buyers regardless of where they work, if they work, and whether they go or went to college. It's available now across the nation.

Mini forgets to bring car to LA, shows Citysurfer concept scooter

See that red thing? It's the Mini Citysurfer Concept. It is not, in case you were wondering, an automobile. Yet despite this apparent shortcoming, Mini has placed it on a plinth at the 2014 Los Angeles Auto Show.
The electric scooter weighs in at 40 pounds, can hit 15 miles per hour, cover 10 to 15 miles and can be folded up and charged in the trunk of a Mini Cooper (or any other vehicle with a 12-volt outlet and a roomy enough cargo area). According to the British marque, these qualities will give the scooter's owner the "spontaneous and convenient mobility even in those sections of an urban area not accessible to motorized vehicles."
It's not terribly difficult to see the appeal, as Mini explains it. With urban congestion becoming an increasingly serious problem - and some cities beginning to ban cars outright - the idea of an easy to charge and easy to stow runabout is extremely attractive. That's doubly true in the case of the Citysurfer, which is rather well equipped, as far as scooters go.