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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.

Street Glory Mappers turning cars into dynamic billboards like this

A French marketing firm with the impenetrable name of Street Glory Mappers is literally turning cars into billboards. Of course, we've all seen vehicles painted up for promotional use, but this company is taking that concept even further by including video.
Street Glory Mappers equips the vehicles with a large video screen behind the windshield to play whatever is being advertised. According to the company's promo, it may even be possibly to sync up the vehicle's lights with the show, as well. The firm claims that it's a great form of temporary, mobile marketing because the car can arrive at the location, play the video and then go away when the prospective audience leaves.
While it doesn't necessarily seem any more effective than other forms of advertising, the firm's idea is at least unobtrusive. After all, it's easier to ignore a stationary car than a person handing out flyers. However, vehicle flashing its lights and playing video could certainly distract other drivers.

Next-generation Mini Cooper electric car caught in spy photos

Though the current generation of Mini Hardtop just got a refresh, it seems a new generation is around the corner. That new model appears in the spy photos above, and in electric form no less. At first glance, it doesn't look very different, but there are many small changes that add up to make it distinctly its own. At the front, the headlights appear to be more circular than the slightly ovoid units of the current model. They look as though they wrap a little more around the fenders, too. The grille appears to be enlarged a bit to match the bigger headlights, and the changes give the car even more of a cute, wide-eyed appearance than before. Other interesting things to note are that the hood scoop may be going away, as the one on this car is a fake. The hood cut lines also seem to go through to the wheel arches. Other subtle changes are revealed in profile. The front overhang looks slightly reduced, and the windshield looks more raked. Part of that appears to be because of the base being moved slightly forward. Not only has the windshield become more raked, so has the rear window. It's hidden by the newly added aerodynamic fairings below the rear spoiler. Finally, we can see the chrome, refrigerator-style door grab handles are gone in favor of more flush-fitting handles, and the charging door has changed sides to the left of the car. The back doesn't reveal much unusual, but the taillights have more square-like proportions, and they seem to fit more flushly to the body. There also appear to be some cut lines through the taillight area, so there may be more going on under the camouflage than we can see right now. We also get a small glimpse of the interior. It looks like there's a wide screen across much of the dash. It's in keeping with current car design trends, but is a major departure from the retro-inspired design of past Minis. The prototype we see here looks pretty far along in development. With that in mind, along with recent reports, the new model may be launched in 2023. It will likely be accompanied by gas-powered versions, since 2025 is the cut-off date for the last new gas-powered Mini option, and 2030 is the point where the brand will be fully electric. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.