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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.

2016 Mini Cooper S Convertible First Drive

Is there a better place to launch a roofless Mini than Los Angeles in the middle of winter? Temperatures during the drive event for the new 2016 Mini Cooper S Convertible hovered in the mid-80s, and (a begrudging thanks to CARB here) there was only a thin haze to attenuate the sun. Moreover, the sprawled-out and uniquely Californian metropolis doesn't seem to hem in the longer, broader, ever so slightly taller Convertible. Even if you don't necessarily enjoy vehicles that inherently make a statement, driving a Cooper S Convertible around this style-conscious town at least attunes your sensibilities to the Mini norm. Since there isn't much mechanically or stylistically to differentiate the new Convertible from its Hardtop fraternal twin, we can cover the basics quickly. The exterior sheetmetal is, for better or worse, not much different. That means the large proboscis – a nod to pedestrian impact standards and a variety of other engineering and safety concerns – and longer rear overhang carry over. The jutting underbite and slightly walleyed headlight stance exaggerate how bulbous the front end has become with each subsequent generation. Taken in isolation, the Mini Convertible is still undeniably cute, but the English bulldog vibe is slowly being pushed out of the corporate design language as each new Mini is gently inflated. At some point, we'll hit the bursting point. The Mini Convertible is still undeniably cute, but the English bulldog vibe is slowly being pushed out of the corporate design language. Even in the space-compromised Mini Convertible, total cargo area increases by 25 percent to a useful 7.6 cubic feet maximum. The Easy-Load function, which props up the back edge of the soft top on a pair of spindly plastic struts, is a bit fussy but helps get awkward items in and out of the surprisingly deep cargo area. Smaller or soft luggage should go in without issue. Larger items might be better suited for the back seat. If you're buying a four-seat convertible, you should be prepared for these compromises ahead of time. Speaking of time, the top's operation is reasonably quick. It takes 18 seconds to raise or lower the top, at up to 18 mph. It was fast enough for a stoplight change to test out the situation with the lid on. If you've ever been in a last-generation Mini 'Vert, it's about the same – big blind spots mar the view, but it's remarkably quiet.

Jamaican bobsled team pushes a Mini around town to keep Olympic dream alive

PETERBOROUGH, England — The Jamaican bobsleigh team is used to training without snow, but the coronavirus lockdown has seen its male athletes resort to pushing a car around the streets of an English city to stay in shape, with an eye on Olympic qualification. Some residents of Peterborough have offered their help to Shanwayne Stephens and Nimroy Turgott as they push a Mini down the road, before realizing it is part of a new training regime to work around the closure of gyms in England. "We had to come up with our own ways of replicating the sort of pushing we need to do. So that's why we thought: why not go out and push the car?" Stephens, 29, told Reuters. "We do get some funny looks. We've had people run over, thinking the car's broken down, trying to help us bump-start the car. When we tell them we're the Jamaica bobsleigh team, the direction is totally different, and they're very excited." The couple said they had been inspired by the 1988 Calgary Winter Olympics men's bobsleigh team, immortalized in the 1993 film "Cool Runnings." But they said they aimed to qualify for the Beijing Winter Olympics in 2022 and then outperform the 1988 team, who did not officially finish the four-man bob competition after crashing. "Those guys set a legacy, and a movie came out of it. For me personally, I want to surpass that level, and even go beyond that," Turgott, 27, said. Turgott, who normally lives in Jamaica, has been staying with Stephens since January, and the pair had always planned to do summer training in Britain, albeit in gyms rather than on roads. "If you're able to do the same sort of training without the same equipment, then you should be able to achieve more with the right equipment," he said. The pair are focused on qualifying for Beijing 2022. While the woman's team competed for the first time in 2018 in Pyeongchang, South Korea, the men's team failed to qualify. "The last Olympics, we missed it by one slot. And now we are using that experience as our motivation moving forward," Turgott said.   Weird Car News MINI