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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.

Next-gen BMW 7 Series options include 'Sky Lounge' roof, leather engine cover

When it comes to luxury and technology, the theme of the next-generation BMW 7 Series appears to be 'everything, everywhere.' Two of the new options joining what will be an extensive list are the Sky Lounge panoramic glass roof, said to be a nod going all the way back to the Concept 5 Series Gran Turismo showed off at the 2009 Geneva Motor Show. That is clearly about the light, but what about the leather? That's going to cover everything it seems, should the buyer choose. Auto Evolution says it's been told about a 3CM option code, which equates to a Leather Engine Cover. If it's offered, though, it won't be the first time BMW has done it, of a sort: the $10,800 Pure Impulse package on the BMW i8 wraps the engine cover in leather, but in the i8 the engine is in the rear, under the trunk floor, so we're really talking about a leather-floored cargo bay. No one knows yet what it would look like atop a conventional engine, and no one appears to have any clue, frankly, as to why it's even an option. The 7 Series will pack a bunch more besides within its new aluminum and carbon fibre platform and redrawn bodywork, the sedan is reportedly targeting a curb weight that's less than the current 5 Series. There'll be four sculpted seats in the cabin, with rear seats apparently offering the range of options available on the front seats, a redesigned iDrive system with a touchscreen LCD that reads gestures, wireless smartphone charging, Bowers & Wilkins audio instead of Harman Kardon, heads-up data sharing between passenger and driver via swipes, laser headlights and an i8-like key fob with limited self-parking functions. That's a serious goody bag of tech, which we expect to get our hands in at the Frankfurt Motor Show. Featured Gallery BMW 7 Series: Spy Shots View 9 Photos News Source: Auto EvolutionImage Credit: CarPix BMW Technology Luxury Sedan

It's a V8 party! Lexus IS 500, Cadillac Escalade and more | Autoblog Podcast #667

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. It's all V8s all the time this week, starting with the Land Rover Defender V8 unveiling, Lexus IS 500 F Sport Performance debut and pricing announcement on the Jeep Wrangler 392. Next, they move on to what they've been driving. Spoiler alert: That means more V8 talk. Zac has been driving the Cadillac Escalade with the 6.2-liter V8 and BMW M550i with its 4.4-liter twin-turbo V8. Greg and Zac take a pause from the V8 theme by discussing their shared time in our long-term Acura TLX. From this, they segue into a "Spend My Money" feature about garage lifts to finish the show. Autoblog Podcast #667 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News 2021 Jeep Wrangler Rubicon 392 priced at nearly $75,000 2022 Land Rover Defender bulks up with a 518-hp V8 2022 Lexus IS 500 F Sport Performance brings back the V8 What we're driving BMW M550i Cadillac Escalade Acura TLX Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: