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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.

World record practice jump doesn't go as planned for Chicherit

French rally driver Guerlain Chicherit is a very lucky man. He had hoped to beat Tanner Foust's 332-feet car jump record (which nearly went awry itself) with a 360-foot leap in a specially built Mini to score a new Guinness World Record at the French ski resort of Tignes. However, things didn't go to plan, and Chicherit suffered a massive crash during the attempt. According to The Local, emergency services were on the scene immediately, and he was transported to the hospital by helicopter, but Chicherit is in better condition than anyone could have expected. He has been on Facebook since the crash and appears to be in great spirits. He wrote: "I have to stay to the hospital for the night just for safety, I'm all ok !!!" The jump was originally scheduled for Sunday, March 16, but heavy fog delayed it until today. Warning: The crash is quite graphic, but remember Chicherit wasn't seriously injured. Scroll down to see it all from multiple angles and in slow motion. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2019 Mini Cooper Oxford Edition Drivers' Notes Review | Lots of fun for a select few

The 2019 Mini Cooper Oxford Edition is an interesting little model. It's available in both 2- and 4-door Hardtop configurations and aimed at and specifically for college students, recent grads, those in law or medical school as well as active duty or recently discharged or retired members of the military. No one else qualifies to buy one, which is a bummer, because the Oxford Edition is one smoking deal.  Not only does it undercut the price of a bare-bones Cooper, it packs in nearly $7,000 worth of features at no additional cost. That includes stuff like heated seats, a panoramic moonroof, parking sensors and 17-inch wheels. Power still comes from a turbo inline-three, and while an automatic transmission is standard, a six-speed manual is a no-cost option. While the standard Cooper has questionable value given the small size and relatively high price tag, the Oxford Edition is a far more compelling offering. Senior Editor, Green, John Beltz Snyder: This is such a joyful car to drive. It's quick, spritely and engaging. It feels great rowing through the gears, especially the way the car comes to life as you release the clutch in third gear. The car feels peppy in the low-to-mid rev range, but loses some steam as you climb to the top. The shifter is a little light, though, and it needs a firmer gate to keep you from accidentally shifting into reverse instead of first. There needs to be a more distinct feel from gear to gear in general. The clutch travel is long, but I don't mind it, and the high take-up point feels natural. The less-hot Minis of today feel much more refined than those of yore, while scorchers like the JCW remind me of the older, rawer Minis in their road-going manner, though with more contemporary design, tech and amenities. If I were to buy a Mini myself, it'd be a Hardtop like this — I don't need a lot of power to have fun, day to day, and this one is comfy. I wouldn't be eligible for the Oxford deal, which is a shame, because I really like this configuration, especially for the price. Associate Editor Joel Stocksdale: I almost completely agree with John, the regular Mini Cooper is exemplary of good, simple fun. It makes less than 140 horsepower and pound-feet of torque. That's not a lot of power, but it's enough that you can confidently floor it anywhere in public without breaking the law. And it feels nearly as eager and darty as the JCW, so you can keep your speed up as you rip it around corners.