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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.

Automakers want to stop the EPA's fuel economy rules change, and why that's a shortsighted move

With a Trump Administration looming, the EPA moved quickly after the election to propose finalizing future fuel economy rules last week. The auto industry doesn't like that (surprise), and has started making moves to stop the EPA. Ford CEO Mark Fields said he wanted to lobby Trump to lower the standards, and now the Auto Alliance, a manufacturer group, is saying it will join the fight against cleaner cars. The Alliance represents 12 automakers: BMW, Fiat Chrysler, Ford, GM, Jaguar Land Rover, Mazda, Mercedes-Benz, Mitsubishi, Porsche, Toyota, VW, and Volvo. Gloria Bergquist, a spokesperson for the Alliance, told Automotive News that the "EPA's sudden and controversial move to propose auto regulations eight months early - even after Congress warned agencies about taking such steps while political appointees were packing their bags - calls out for congressional action to pause this rulemaking until a thoughtful policy review can occur." The EPA was going to consider public comments through April 2017, but then said it would move the deadline to the end of December. That means that it can finalize the rules before President Obama leaves office. The director of public affairs for the Consumer Federation of America, Jack Gillis, said on a conference call with reporters last week when the EPA originally announced its decision that it is unlikely that President Trump will be able to roll back these changes. Gillis also said on the same call that any attempt by the automakers to prevent these changes would be history repeating itself. "These are the same companies that fought airbags, and now promoting the fact that every car has multiple airbags," he said. "These are the same companies that fought the crash-test program, and now are promoting the crash-test ratings published by the government. So, it's clear that they're misperceiving the needs of the American consumer." There are more reasons the Allliance's pushback is flawed. Carol Lee Rawn, the transportation program director for Ceres, said on that call that the automotive industry is a global one, and many automakers are moving to global platforms to help them meet strict fuel economy rules around the world.

2015 BMW 1 Series facelift revealed [w/video]

While we don't get the BMW 1 Series at all in the US anymore, European buyers are getting a refresh of the luxury compact hatchback for the new year. Unlike the German brand's recent work on the 6 Series, the work is actually noticeable and improves things nicely. Up front, BMW keeps the changes subtle. The lower airdam is tweaked with larger air intakes and less chrome than before. The redesign and better sealing around the reshaped, narrower headlights also help optimize airflow and – in our eyes – improve aesthetics. LED running lights are standard now, and full LED units are optional. The more striking changes come at the back, where the 1 Series now wears the Bavarian brand's latest L-shaped taillights. The lights wrap around the sides and cut into the hatch to create a much more visually interesting look. The lower apron gets some small changes as well, and it all works together to create a more cohesive look. The BMW hatchback also gets some engine tweaks to go with its updated style. A new 2.0-liter four-cylinder is offered in 150-, 190- and 224-horsepower tunes. For those who want the best fuel economy, the 116d EfficientDynamics Plus makes 116 hp from a 1.5-liter turbo diesel and features active air flaps and redesigned kidney grille bars for better aero. The top-spec M135i with its 3.0-liter turbocharged inline-six gets a six-hp boost to 326 hp, too. Updates to the eight-speed automatic give it longer gearing and predictive shifting based on the vehicle's navigation system data. All of the new models hit the market in Europe later this year, specifically in late March for the UK. Read below for BMW's full list of tweaks and changes and to see it in motion on video. The BMW 1 Series for 2015 16.01.2015 Nearly two million 1 Series models have been sold since the introduction of the first 1 Series generation ten years ago. This latest incarnation builds on the winning formula of these three- and five-door predecessors with new power units from the latest BMW engine family, additional EfficientDynamics technologies fitted as standard, and careful enhancements to the exterior and interior design. The level of standard equipment is now even higher, new options have been added and with new mobility services from BMW ConnectedDrive, there are even more ways to increase the functionality and personalisation of the new 1 Series.