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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.

Mini Clubvan ready for boutique chic delivery duty from $25,985

The light commercial vehicle market has exploded in recent years. With a too-large full-size van no longer the only option for small businesses looking for an enclosed cargo carrier, options like the Mercedes-Benz Sprinter, Ford Transit Connect and now this, the Mini Clubvan, are now available to suit every size need.
Unveiled at last year's Geneva Motor Show, the Clubvan will soon be on sale here in the US and we finally have details about what that transaction will cost you. Motoring File reports that the Clubvan's price will be $25,985, which includes the so-called "chicken tax" and a $700 destination and handling charge.
Other questions that were answered include whether or not the Clubvan can be ordered as a Cooper S or even John Cooper Works model, and the answer is no (why do need to deliver cakes that fast anyway?). Also, Mini has confirmed you can't take the shortcut of creating your own Clubvan by purchasing a standard Clubman and removing the rear seats. The factory Clubvan features steel side panels instead of vinyl coverings over the rear windows, as well as a fully flat load floor and a safety cage protecting front seat occupants.

John Cooper Works GP Pack transfers feisty visual cues to Mini JCW

Mini made just 3,000 examples of the 302-horsepower, $45,750 John Cooper Works GP. Now that they're all gone, Mini designers have put together a cosmetic kit called the John Cooper Works GP Pack that lends some of the genuine GP aura to the standard Mini John Cooper Works. The Racing Grey Metallic paint and contrasting Melting Silver Metallic roof, rear spoiler — in standard form as opposed to the lurid unit, and mirror caps are ported over. They're offset by the black engine scoop, door handles, and fuel filler door, red trim across the grille, and piano black headlight surrounds with black headlight and taillight inserts. The exterior Mini badges go all Johnny Cash black, too, and the 18-inch John Cooper Works Cup Spoke lightweight wheels show GP on their center caps to match the GP logos on the door sills.  The cockpit amps up its edge with JCW leather-trimmed Dinamica suede sport seats in front, bearing GP badges — the two-door keeps its four seats, though, unlike the two-seater JCW GP. A 3D-printed metal stripe marks 12 o'clock on the Walknappa leather-corvered steering wheel, Walknappa being a fancy BMW Group name for one of its Nappa leather finishes. Buyers that go the eight-speed automatic route will get 3D-printed shift paddles with more GP logos. Floor mats front and rear pop with red cross stitching, and yet more GP logos. As a look-fast instead of a go-fast package, nothing changes under the hood or under the skin, the JCW sticking with its 2.0-liter turbo four-cylinder with 228 hp and 236 pound-feet of torque. Mini hasn't coughed up a price yet, but we're told the John Cooper Works GP Pack will be available sometime next month. Related Video: