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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.

BMW i3s traction control tech going in all BMW, Mini cars

The BMW i3s is essentially a warmed-up version of the i3 electric car we all know and love. The performance boost isn't huge — just 14 horsepower and 15 pound-feet of torque — but it also gets a new suspension, wheels and tires as well as an improved traction control system. We found the car to benefit from all the updates when we drove it for our First Drive Review, but now BMW has offered up more details on just how the traction control system of the i3s helps make it better to drive. The company says it'll expand the technology to all future BMW and Mini models as well. The i3s's system is calibrated to help it to pull away quickly from a stop, making full use of the instantaneous torque offered by the electric motor. It also improves stability when accelerating out of corners, when using regenerative braking and, of course, when the road conditions are less than ideal. The results are palpable, and with the other improvements the i3s definitely feels stronger off the line, as we found on our drive. It's also about a half-second quicker to 60 miles per hour, at 6.8 seconds. The secret is in the response time of the stability control, which BMW claims is 50 times faster than the conventional system. This is made possible by moving the control process into the powertrain itself, rather than a remote unit. This reduces the signal path and, thus, the response time of the traction control system. BMW's Head of Chassis Development, Peter Langen, said of it, "With their high levels of torque and instantaneous responses to every movement of the accelerator, electric motors already make significantly higher demands on driving stability systems than conventional power units." While engineered to make the most of the electric motor, BMW says the shorter cycles of this traction control system show promise for internal combustion vehicles as well. As such, we'll begin to see the improved technology applied across the BMW and Mini lineups going forward. Related Video:

2022 Mini Hardtop Brick Lane Edition is inspired by London's East End

Mini announced three special-edition models in February 2022, and it's not stopping there. It unveiled a fourth car called Brick Lane Edition that draws inspiration from London's East End to give the two- and four-door variants of the Hardtop Cooper S more flair. Visually, the Brick Lane Edition stands out from the standard Hardtop with White Silver Metallic exterior paint, a Soul Blue roof panel, black door mirror caps, and chrome trim. Soul Blue, Frozen Blue, and Mint graphics on the hood add a finishing touch to the look while creating a link between the car and the bricks that Brick Lane gets its name from. Mini also added 17-inch wheels painted black, decals above the rocker panels and edition-specific badges on both sides. These changes are relatively minor, but they give the Mini a cool look. Leather-upholstered and heated front sport seats are among the highlights in the cabin. The long list of standard features also includes a panoramic moonroof, piano black interior trim, a dual-zone automatic climate control system, and a Harman-Kardon surround-sound system. You won't find bricks or blue accents in the engine bay. Power comes from a stock, Cooper S-sourced 2.0-liter four-cylinder engine that's turbocharged to develop 189 horsepower and 207 pound-feet of torque. It spins the front wheels via a six-speed manual transmission, but a seven-speed dual-clutch automatic linked to a pair of shift paddles is available at no extra cost. Mini dealers across the nation will begin receiving the Hardtop Brick Lane Edition in March 2022. Pricing starts at $36,525 for the two-door model and $37,525 for the four-door, figures that include a surprisingly reasonable $850 destination charge. This isn't the first time that a British brand unveils a special-edition model inspired by London's East End. In late 2021, Triumph channeled the "the vibrant, custom-classic motorcycle culture of London's East End" into the head-turning Street Twin EC1 Special Edition. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.