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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.

The 2020 Mini John Cooper Works GP is overwrought and automatic

As we’ve said many, many times before: Nurburgring times are not the measuring stick automakers hold them out to be. They donÂ’t happen under controlled circumstances with independent observers and bone-stock cars, generally. So that makes the new 2020 Mini John Cooper Works GPÂ’s exact time – which BMW officially fudges as “under 8 minutes” and which spy shots peg at 7:56.69 – fairly meaningless. WhatÂ’s not meaningless are the optics. Regardless of whether others cheat, that time isnÂ’t particularly impressive, behind the likes of the Renault Megane R.S. Trophy-R, the Honda Civic Type R, and the Volkswagen GTI Clubsport. LetÂ’s say, hypothetically, that all of those faster ‘Ring runners were Â… ringers. Maybe the Mini isnÂ’t. But strip away this stopwatch discussion and what remains is perhaps even more controversial. The John Cooper Works GP is a busy little thing, be-winged and spackled with GP decals and red accents and unusual overfenders. And itÂ’s an automatic – no manual here. Certainly all this will excite some, but itÂ’s bound to create some controversy for its sheer audaciousness. LetÂ’s start with the styling. Deep, bright red accents abound, looking almost like enamel. The trim is otherwise darkened, even the badging. That large split wing above the rear hatch has a distinct sci-fi vibe, like it was ripped off the concept art for a 2042 fusion-powered race car. Whether it meshes with the loosely-defined retro vibe of the underlying Mini Cooper is up to you. The most striking exterior element is the overfender treatment. TheyÂ’re a combination of a plastic understructure and a chopped carbon fiber material cap with a hexagonal seam motif. In pictures, it looks a bit like fiberboard – probably not the look Mini was going for. The panels stand proud of the fenders, too, especially at the top seam. If weÂ’re being generous, they look quite bold. But it seems that this element will live or die on how it appears in the flesh, so weÂ’ll wait until then to analyze it more. The styling is going to create some polarization, and so too will the mechanical spec and performance numbers. The turbo inline-four makes 301 horsepower – respectable, sure, but not outlandish. The 0-60 time is off the pace compared to the superlative Civic Type R, which clocks a 4.7-second run according to Car and Driver (Honda is mum on 0-60 times, by the way). The GP? 5.0 seconds. Good, but not the best – just like its claimed ‘Ring time.

Mini would still like to make a standalone sports car

The head-turning Superleggera Vision concept Mini unveiled in 2014 will remain a one-off model, but the BMW-owned company affirmed it still has its sights set on a standalone, range-topping sports car. It's understandably not a priority, and there's a chance it won't arrive with a turbo four if it receives the green light for production. Mini's current flagship is the limited-edition John Cooper Works GP, a 301-horsepower hot hatch that sounds as angry as it looks. It's based on the Hardtop, but there's space in the Mini range for an even more hardcore sports car that's not built on an existing architecture. Andreas Lampka, the head of the company's communications department, shared what's on his team's wish list while talking to Australian website Motoring. "If we give our engineers some more spare [time and resources], they'll come up with a mid-engined car," he explained. If launched, it would stand out as the first series-produced mid-engined model in the Mini's 61-year history; every single Mini-badged car built has been front-wheel drive, and we doubt engineers are giving the mid-engined layout a lustful look just to channel the power back to the front wheels. It'd likely be rear-wheel drive. Lampka suggested a range-topping sports car could arrive with an electric powertrain, like the Superleggera Vision (pictured), rather than with an evolution of a gasoline-powered engine currently found in the company's arsenal. While a head-spinning, instant torque-fueled zero-to-60-mph time is difficult to argue against, the executive didn't explain how engineers will offset the weight added by the battery pack. It's too early to provide concrete details. Though this is pure speculation, it could share parts with future electrified JCW models. Similarly, there's no word on when we might see Mini's halo model. The company has more pressing issues to solve; global sales fell by 4.1% in 2019, and executives recently confirmed they've delayed the next-generation Hardtop. If the model does arrive, we don't expect to see it until about halfway through the 2020s at the earliest. Related Video:     Featured Gallery Mini Superleggera Vision Concept View 27 Photos Green MINI Convertible Coupe Electric Performance