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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.

2015 Mini Countryman getting mild facelift for NY

Mini has introduced three generations of retro hatchback since its revival in 2001, with numerous bodystyles spun off that core model. But the Countryman has always stood apart from the rest (save the Paceman which was in turn spun off of it). The Mini crossover is bigger than the rest of the lineup, has more doors, more driven wheels and a familiar yet different look.
There's an all-new model in the works, set to share its architecture with BMW's own front-drive family. But that's still a couple of years away, so to keep the Countryman looking fresh, Mini is reportedly preparing to roll out a mildly facelifted version at the upcoming New York Auto Show.
As we're still awaiting confirmation from the automaker, few details on the updated Countryman are available at this point, but word has it that it will only include some minor cosmetic enhancements to the interior and exterior of the vehicle. Just how comprehensive those updates will be, and how many of them will be derived from the latest Mini Cooper hardtop remain to be seen, but with the NY show just a week away, it won't be long before we find out.

Tony Hawk jumps a moving Mini

Remember a couple of years ago when Tony Hawk jumped over a Lexus LFA on his skateboard? Well that was nothing compared to what he's done here.
Sure the LFA is a more impressive car than a Mini hatchback, but that Japanese supercar was sitting still when the world's most famous skater jumped over it. And it was parked sideways. This time Tony's jumped a moving car, front to back. It gets even more impressive than that when you see what happens to the ramp after he's done with it, but we don't want to ruin the surprise.
The stunt was performed in celebration of the partnership between Mini USA and Hawk's Birdhouse Skateboards Tour, details of which you can read in the press release under the video below.