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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 Clubman First Drive [w/video] [UPDATE]

UPDATE: After playing with the newly launched Clubman configurator, we've revised the as-tested estimate to what we think is a more accurate $40,250, based on how our Swedish tester was equipped. Mini had a good idea when it introduced the last-generation Clubman, offering a slightly bigger, more versatile vehicle, with its own unique styling traits. Sounds good, right? Well, as it turned out, that wasn't necessarily all for the best, and not because there was any problem with the car itself. Mini's fleshed out model range, which now includes both the all-wheel-drive, four-door Countryman and the new four-door Hardtop has rendered the original Clubman idea rather obsolete. Enter the new Clubman. Gone is its awkward club door, and in its place are an extra pair of real, traditional doors. But even more than changes to its body, Mini has taken the original Clubman idea – to build a more versatile version of the beloved Hardtop – to its logical extreme, going larger. More importantly, this 2016 model represents a more premium, comfortable direction for the Mini brand. But don't worry, loyalists, this is still very much a Mini. The 2016 Clubman is the longest vehicle Mini has ever made. As was the case with the previous Clubman, this new model rides on a longer wheelbase than the Hardtop's. The 105.1-inch span is arguably more maxi than mini, offering buyers anywhere from 2.9 to 6.9 inches of extra space between the axles. It also makes the Clubman the longest vehicle Mini has ever made. But at 168.3 inches in length, this new model is still significantly shorter than a compact wagon like the 179.6-inch Volkswagen Golf SportWagen, or even another C-segment hatch, like the five-door variants of the Ford Focus (171.6 inches) and Mazda3 (180.3 inches). On top of the extra length, Mini stretched the body by a full three inches, while the track has been increased by 2.4 inches at both ends of the car. Taken as a whole, the Clubman is exceptionally roomy, considering its footprint. The suspension, a multi-link rear with front struts, is softer than that of a Mini Hardtop, but that's not saying a lot – handling is significantly sharper than in the vehicles listed above. And we're betting it will stand out against the brand's intended targets – a list that ranges from the Volkswagen Golf to the Mercedes-Benz A-Class. Feedback through the wheel is on the low side for something wearing a Mini badge.

BMW, Mini recall nearly every PHEV model built in 2020 due to fire risk

BMW is recalling a majority of the plug-in hybrid models it built in 2020 because their battery pack poses a fire risk. That's 4,509 vehicles covered by the campaign in the United States, including some made by Mini. The list of cars affected by this voluntary recall includes 2020 and 2021 examples of the 530e, the X3 xDrive30e, and the Mini Countryman SE, coupe and convertible variants of the 2020 i8, as well as the 330e (pictured), the 745Le xDrive, and the X5 xDrive45e from the 2021 model year. All are equipped with a lithium-ion battery pack whose cells might have been contaminated by debris during the manufacturing process, according to a recall notice issued by the National Highway Traffic Safety Administration (NHTSA). BMW hasn't revealed what exactly found its way into the Samsung-built battery pack's cells, or how, but it pointed out the debris can cause a short-circuit, which increases the risk of fires and injuries. It added that it became aware of the problem after four gasoline-electric X5s experienced what it refers to as a thermal incident.  Engineers are currently developing a remedy to the problem. Until a solution is found, BMW is asking owners of affected cars not to charge the battery pack, not to drive in manual mode, not to engage sport mode, and not to use the shift paddles. It expects to begin fixing cars affected by the recall on November 23, 2020. 26,700 cars manufactured between January 20 and September 28, 2020, are part of the recall globally. Outside of the United States, BMW also sells plug-in variants of the X1, the X2, and the 2 Series Active Tourer. It has been a bad month for electrified cars. Ford delayed its Escape PHEV after a recall of its Kuga twin in Europe over fire risk. U.S. safety officials are reviewing reports of fires in the Chevy Bolt EV, and Hyundai has expanded a recall of the Kona EV. Featured Gallery 2021 BMW 330e View 14 Photos Green Recalls BMW MINI Hybrid