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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.

Recharge Wrap-up: BMW i3 gets Super Bowl bump; CA funds EV readiness

Super Bowl ads sparked interest in the BMW i3 for car shoppers at Edmunds. Analysts at the automotive website reported that traffic increased for the BMW i3 by 583 percent by the end of Super Bowl XLIX, second only to the Mercedes-Benz AMG GT (up a whopping 2,189 percent). Having aired its ad in the first half of the game, the BMW i3's traffic increased 1,807 percent during halftime, while the BMW i8 saw a 501-percent spike during the same period. Read more in the press release below. Mahindra is making progress with the GenZe electric scooter and electric bicycles in Portland, Oregon. While no official launch date for the GenZe has been set for Portland, Mahindra is holding events and offering test drives. The GenZe 2.0 will start at $2,999, and offers over 30 miles of range per charge. Mahindra sees Portland as a good resource for technology and design partners as it pursues electric urban mobility. Read more in the interview with Mahindra's Yesim Erez at Portland Business Journal. The California Energy Commission will award nearly $1.3 million in Zero Emission Vehicle Readiness grants. The grants will go toward three categories: Plug-in Electric Vehicle (PEV) Readiness Plan Implementation, PEV Readiness Plan Development and Fuel Cell Electric Vehicle Readiness. The funds will go towards projects like installation of EV chargers, permitting and inspections, developing local codes, EV promotion and creating hydrogen infrastructure plans. Each grant awarded will be worth between $50,000 and $300,000. Read more at Green Car Congress. Super Bowl Advertisers Mercedes-Benz and BMW See Biggest Increases in Car Shopper Interest on Edmunds.com SANTA MONICA, Calif., Feb. 2, 2015 /PRNewswire/ -- Mercedes-Benz and BMW saw the most significant spikes in traffic on Edmunds.com after their ads ran during Super Bowl XLIX, according to a real-time analysis by the car shopping website. By the end of the game, the Mercedes-Benz AMG GT had the biggest cumulative spike in traffic, with a 2189% jump over previous Sunday averages on Edmunds.com. The BMW i3 captured the second most buzz on Edmunds.com; its cumulative traffic climbed 583%. "Even though these two advertised vehicles are likely to be sold in small volume to niche audiences, the BMW and Mercedes brands will enjoy the overall buzz they have generated, especially as both continue their efforts to grow their overall reach into new car shopper segments," said Edmunds.com Sr. Analyst Jessica Caldwell.

BMW 5 Series Gran Turismo won't be a one-and-done model

The BMW 5 Series Gran Turismo seems like a model without a real segment to fit into. It doesn't quite match the mold for the swoopy four-door coupe niche like the Porsche Panamera or the brand's own 6 Series Gran Coupe. However, the vehicle isn't really a station wagon to appeal to those utilitarian buyers, either. Despite this identity crisis, BMW is reportedly prepping another GT for the next-gen 5 Series platform. According to German magazine Auto Motor und Sport, the 5 Series GT somehow has been a big enough sales success in the US and China to warrant another model. The next one would allegedly arrive in 2016, which is the about the same size as the future 5 Series sedan. The magazine speculates the new GT could lose about 221 pounds in the transition and be offered with four- and six-cylinder powertrains, plus a plug-in hybrid with an electric driving range estimated at around 19 miles. Globally, China is actually the larger 5er GT market than the US. According to IHS senior analyst Stephanie Brinley to Autoblog, the variant sold 21,089 units worldwide in 2013 (2014 is still being tabulated), and that represented about 5.7 percent of the 370,930 total sales for the 5 Series. China bought 42 percent of the world's GTs, compared to about 10 percent of the mix from the US. Europe, meanwhile, took about 29 percent of them that year. While the GT's sales figures make up just a fraction of the overall 5 Series, the variant is still a moneymaker for BMW, and IHS forecasts a second generation, too. "The 5 Series range as a whole is stronger for having this product, and it's very likely that the company's profit margin is higher on the GT, even with the cost of some dedicated sheetmetal and tooling," said Brinley. Featured Gallery 2014 BMW 5 Series Gran Turismo View 32 Photos News Source: Auto Motor und SportImage Credit: BMW Design/Style BMW Hatchback Wagon Luxury Sedan bmw 5 series gt bmw 5 series gran turismo