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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.

2014 Mini Cooper goes to the dogs

We wouldn't buy a car to make a dog happy, but Mini's latest commercial, Bullheaded, would have you believe that dogs like the new 2014 Cooper as much as humans. Regardless of the commercial's target audience (Spike The Bulldog, or his owner?), it does show a couple new tidbits about the car, such as the new center dial touchscreen, ambient lighting and the nifty tinted pop-up display on top of the dashboard that reminds us of the head-up display on the new Mazda3.
Head below to watch Spike and his owner drive the Mini in Downtown Los Angeles (and the back lots of Paramount), and to get a behind-the-scenes look at how the commercial was made.

Mini John Cooper Works GP will have over 300 horsepower

The Mini John Cooper Works GP concept from the 2017 Frankfurt Motor Show was one extreme-looking vehicle, and we now know it's because the real one will, in fact, be really extreme. The company announced that the production car will be the most powerful Mini with over 300 horsepower. In fact, it will be the most powerful Mini by a large margin, as the most potent models so far have only made 228 horsepower. And of course, it will be within striking distance of equally widened and winged cars such as the Civic Type R and Focus RS. Exact numbers haven't been revealed yet, but we wouldn't be surprised if it uses the same turbo 2.0-liter four-cylinder from the BMW X2 M35i, which makes 306 horsepower and 332 pound-feet of torque. In fact, the engine would be ideal, since the X2 is front-drive based and shares underpinnings and less-powerful engines with existing Mini products. The X2 M35i is also all-wheel-drive, which naturally brings up the idea of the GP also powering all four wheels, but Mini might choose to stay with front drive to reduce complexity and weight. Sticking with front drive would also mean that Mini could challenge the Civic Type R's record Nurburgring lap. It looks like the spirit of the concept's design will make it to production, too. The teaser images Mini released show a pretty wild looking split wing that's just a bit narrower and missing some of the concept's extraneous fins. We can also just make out fat fender flares, a big rear diffuser, and the GP's trademark four-spoke wheels. The Mini John Cooper Works GP will go into production in 2020, and Mini will only be building 3,000 examples. That's a low number, but it is more than the 2,000 units of the two previous GP generations. And considering the high output and low production, the GP will undoubtedly be a pricey hot hatch. Related Video: