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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.

2020 Mini E spy photos reveal its interior

The 2020 Mini E electric hatchback has been spied once again. It doesn't reveal much on the outside, in fact it actually shows less than the last time, since this one doesn't have the groovy concept-inspired wheels. But our spy photographer managed to get a good shot of the interior, which reveals some neat details. Chief among the interior's changes is the instrument panel on the steering column. While current gasoline-powered Minis have a typical needle-and-dial set of gauges on the column, those have been replaced by a thin screen. In an effort to keep it from looking too out of place, it has semi-circle ends and a chrome ring around the screen. Odds are that the actual screen will likely be in the middle, and additional warning and indicator lights will fill up the circular ends. Other than the screen, the only other major change is the shifter. Instead of the round leather knob of conventional automatic Minis, it has a more rectangular knob made entirely of plastic. The rest of the Mini's interior is like any other current model. The vents, controls and infotainment are all taken right from the other Minis. Interestingly, this Mini E has carbon fiber interior trim. This will probably be an option, not standard equipment. We expect the electric Mini Hardtop will make its debut sometime next year. If we're lucky, it may make the same 204 horsepower and 162 pound-feet of torque as the original Mini E and more than that car's 150 mile range. Related Video:

Mini adds limited-edition Coral Red model to 2021 Hardtop line-up

Mini stylists took a trip to the design well and came back with a limited-edition model named Coral Red inspired by the brand's heritage. Offered with two or four doors, it's scheduled to arrive in showrooms this month. As its name clearly implies, the Coral Red edition primarily stands out from the Cooper S it's based on with Coral Red Metallic paint borrowed from the Clubman's palette. Black paint on the door mirrors and on the roof adds a touch of contrast. Mini also added 17-inch Rail Spoke wheels, LED lights at both ends, plus a long list of piano black trim pieces including the headlight bezels, the door handles, and the emblems. Photos of the interior haven't been published yet, but the BMW-owned firm noted the Carbon Red edition gains additional piano black trim in the cabin. It also receives black leatherette upholstery. Mini made no mechanical changes, so power for the Coral Red comes from the same 2.0-liter four-cylinder engine as the Cooper S. It's turbocharged to deliver 189 horsepower at 5,000 rpm and 207 pound-feet of torque at 1,350 rpm, and it once again spins the front wheels via a six-speed manual transmission. Alternatively, buyers who want two pedals can order a seven-speed dual-clutch automatic at extra cost. Approximately 300 examples of the Coral Red have been earmarked for the American market. Pricing starts at $34,125 for the two-door and $35,370 for the four-door, figures that include a mandatory $850 destination charge. In comparison, the standard Cooper S costs $28,100 with two doors and $29,100 with four. Why Coral? Although the pink-ish Coral Red color comes from the Clubman, the first Mini to wear something like it was the 1100 Special model introduced in 1979 to celebrate the Mini's 20th anniversary. It was one of the first in a shockingly long line of limited-edition variants released largely to hide the fact that British Leyland (and, later, the Rover Group) either didn't know how to replace the original Mini or didn't have the money required to fund the project, depending on the era, market conditions, and who was in charge of either company at a given time. Sold exclusively in England, the 1100 Special was available in two metallic colors named Silver Grey (shown above) and Rose, respectively; the latter was close to 2020's Coral Red hue. Silver cars featured a black vinyl roof, while Rose cars were topped with beige vinyl.