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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.

Autoblog Minute: Nokia to sell Here mapping for $3.1B

In a three company partnership the German automakers BMW, Audi and Daimler are set to take ownership of Nokia's Here mapping technology. Autoblog's Eddie Sabatini reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] In a battle for Nokia's highly coveted mapping technology the auto industry claims victory over Silicon Valley. I'm Eddie Sabatini and this is your Autoblog Minute. In a three company partnership the German automakers BMW, Audi and Daimler are set to take ownership of Nokia's Here mapping technology. The Wall Street Journal writes that the automakers had concerns that the technology might fall under the [00:00:30]control of companies like Google, Uber, or Apple. The purchase, worth a reported 3.1 billion dollars, is still subject to antitrust evaluation before it's finalized; but this early news is already a big win for the German three. Ownership of Nokia's Here tech means that automakers won't lose control of the information systems that go into their cars. The deal, if approved, is expected to close in first quarter of 2016. For Autoblog, I'm Eddie Sabatini. [00:01:00] Autoblog Minute Logo Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Audi BMW Autoblog Minute Videos Original Video

BMW debuts 435i ZHP edition coupe [UPDATE]

Performance enthusiasts enamored of the BMW 4 Series but not quite ready to step up to the M4 will be excited at the arrival of the new ZHP edition. Reviving a code last seen on a package for the E46 series a decade ago, the 2016 BMW 435i ZHP Edition boasts a series of performance upgrades aimed not only at "improved optics and aerodynamics; it is also notably quicker with more precise handling." The special 4 Series packs a series of BMW M Performance accessories to give it a more aggressive attitude, including a new Track Handling Package, M Sport Package, limited slip differential and a range of M Performance parts. The Track Handling Package alone includes 18-inch alloys, M Sport Brakes with four-piston calipers up front and two pistons in the back and incorporates the Active M Suspension with variable dampers and steering. With revised software and a new air intake, the M Performance Engine Kit kicks in an extra 35 horsepower for a total of 335 hp and either 32 more pound-feet (with the automatic transmission) for a total of 332 lb-ft or a 17-lb-ft boost (with the manual) for a total of 317 lb-ft. That's enough to drop 0.2 seconds off the 435i's 0-60 time and 0.5 seconds off the run from 50 miles per hour to 75. BMW also promises better accelerator response and engine note. There's a sport exhaust that sheds 8.8 pounds of weight, a full carbon-fiber aero kit and visual enhancements inside, out and under the hood. The German automaker will only be offering 100 examples of the enhanced coupe starting in July, with pricing to be announced closer to the launch date. UPDATE: Of course, if you miss out on one of these special editions, you can always spec out your own from the M catalog with parts installed at BMW's Vehicle Distribution Center. And, as BMW points out in correspondence with Autoblog, you could even order one up with all-wheel drive and in convertible or four-door Gran Coupe body-styles if that's more your pace. Related Video: BMW UNVEILS THE SPECIAL EDITION BMW 435i ZHP COUPE Woodcliff Lake, NJ – May 19, 2015... Paying tribute to the iconic ZHP Performance Package, BMW today released details for a 2016 BMW 435i ZHP Coupe Edition.