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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 unveils new, stripped down logo

Quirky British marque Mini is going with a ... less-than-quirky logo redesign, unveiling a "flat design" that it says is intended to focus on the essentials. It replaces the three-dimensional white-on-black logo that first appeared in 2000. Gone are the three-dimensional style, shading, gray tones and gray-on-black name of the previous version in favor of a stark contrast of black lines and the all-caps Mini name against a white background. It keeps the wings, which first featured on the iconic cars in the early 1960s, according to the Logos History blog, which has a comprehensive collection of logos stretching back to the brand's origins in 1959 under the British Motor Corp. and the Austin and Morris brand names. It also bears a visual similarity to the logo introduced during the mid-'90s. We're not saying the new logo was designed on an old PC using MS Paint, but it looks like it could've been. Parent BMW Group says the new logo combines stylistic elements from the early phases of the classic Mini "with a future-oriented appearance that focuses on the essentials" and a two-dimensional look "allowing universal application." (Meaning, cheaper to produce?) It'll appear on all new Mini models starting in March on the bonnet, the rear, at the center of the steering wheel and on the remote control.Related Video: Image Credit: BMW Group Design/Style MINI Coupe Sedan branding logo bmw group

60 Minis will race in the Silverstone Classic for Mini's 60th anniversary

It was just 60 short years ago when Mini established itself as a manufacturer of small cars as part of the British Motor Corporation. Over the years, the Mini became popular among the British people and beyond, not just as a car but as a cultural icon. To celebrate its 60th anniversary, Mini is taking over Silverstone Circuit in England. The racetrack announced that 60 classic Minis will be racing in the Silverstone Classic outing, July 26-28. Back in May, Silverstone sought pre-1966 Mini Cooper S models to participate, and the APB received an overwhelming response but fell just short of the 60-car goal. But with the help of Motorsport UK, Britain's motorsport regulatory council, Silverstone was able to find two additional Mini Cooper S models to participate. "It only seems right and proper that we mark the Mini's 60th milestone with a 60-car grid, so we are really grateful to those at Motorsport UK and Masters Historic Racing, who are organizing these anniversary races, for securing this special permission," said Nick Wigley, Silverstone Classic's CEO. "As well as being a sixties fashion icon, the Mini's reputation was built on some wonderful motorsport successes, so there could neither be a better, nor more appropriate, way to celebrate its 60th anniversary than with an incredible 60-strong grid at the world's biggest classic motor racing festival." The Mini first received world recognition as champion of the 1964 Monte Carlo Rally with Paddy Hopkirk and co-driver Henry Liddon. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Hopkirk will be present for 60-year Mini tribute and will be reunited with his original winning car, Cooper S #37 with license plate 33 EJB. Hopkirk will lead the Silverstone Classic's Diamond Anniversary track parade with his Cooper S. "I'm really flattered to have been asked to front this fantastic parade," Hopkirk said. "It's great that I'll be back in my old car, and I'm going to be bringing the Monte trophy along, too. It was presented to me by Princess Grace.The Classic is such a brilliant event and, oh my goodness, it will be absolutely amazing to see 60 Minis altogether on the track at the same time." All of the Mini Cooper S models invited are powered by the same race-prepped 1.275-liter inline-four, so it'll be an adorable and exciting race and a pure test of driver skill.