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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 confirms first plug-in hybrid and it looks like it's based on the Countryman

Mini confirmed Sunday it's developing its first plug-in hybrid model, apparently based on the Countryman. The hybrid will utilize an electric motor that works with a combustion engine, expected to be a 1.5-liter turbocharged three-cylinder unit. Though the actual name wasn't specified, Mini said the vehicle will have two driving modes. With Auto eDrive, it can reach speeds of up to 50 miles per hour. Switching into Max eDrive increases top speed to approximately 77 miles per hour. The electric motor sends all of its power to the rear wheels, while the combustion engine powers the front wheels. The engine only kicks on in certain situations. Mashing the throttle brings the engine to life, as does switching the car into "Save Battery" mode, which allows the engine to charge the hybrid's battery through a generator while powering the vehicle. The engine also comes on if the vehicle's all-wheel-drive-system senses a loss in traction. Inside, the changes include a yellow start/stop button (instead of red) and a power display in place of the traditional tachometer. Mini's previous electrification efforts included the Mini E, which had a range under 100 miles and was available for leasing in 2009. Expect the plug-in hybrid to debut in 2019. Related Video: Featured Gallery Mini Plug-In Hybrid Related Gallery Mini Countryman Plug-in Hybrid Spy Shots View 13 Photos Green MINI Crossover Hybrid PHEV confirmed

2020 Mini Clubman makes many mini changes

The mid-cycle refresh for the 2020 Mini Clubman brings small-scale cosmetic alterations from front to back. The new grille dominates the front end. It's no larger than before, but by getting rid of the black bumper shape for six horizontal bars optionally dressed in chrome, the opening looks bigger. Clubman S models still fit hexagonal mesh into the opening, smaller hexagons on the new model set off by the single chrome accent of the previous model. New standard halogen headlights house larger reflectors and a black shield, the fog lights in the lower bumper illuminating as DRLs. The first set of optional LED headlights are arranged in a new design and employ LEDs for high and low beams. On these, an LED ring lights up to act as the primary DRL and the turn signal. A more feature-filled LED option includes adaptive headlights that can turn and adjust their brightness and throw automatically, and auto high-beam dipping. If we get that latter option in the U.S., it won't be with full functionality. The new rear LED taillights come standard and illuminate in a Union Jack pattern. Three new colors join the palette: Indian Summer Red metallic, British Racing Green metallic, and Mini Yours Enigmatic Black metallic. Optional Piano Black exterior trim replaces chrome with the glossy black stuff, and an optional sport suspension lowers the ride height by 10 millimeters. Extra wheel choices come in 18-inch Multiray Spoke two-tone and MINI Yours British Spoke two-tone flavors, along with 19-inch John Cooper Works Circuit Spoke two-tone rims. The Mini Yours program collects a suite of new personalization possibilities such as a sports steering wheel and a Leather Lounge Carbon Black interior leather treatment with a perforated Union Jack pattern on the seat headrests. Mini Yours ambient lighting treatments highlight the door bezels, cockpit bezel, cockpit and center console trim in hues to match three themes: Piano Black illuminated, Frozen Blue illuminated, and Fibre Alloy illuminated. A Union Jack emblem on the side windows marks the choice. A Leather Chester interior in Malt Brown, Indigo Blue, or Satellite Grey provides a different kind of flair. The infotainment gains a permanent 4G-LTE SIM card for always-on connectivity and over-the-air updates. After debuting at Auto Shanghai, we await pricing before the model goes on sale later this year.