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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 John Cooper Works GP coming in 2020, special editions in the meantime

Every once in a while, Mini releases a monster of a Cooper with the designation of GP. It created one in 2006, and another in 2013, and they both featured less weight, more power, a big rear wing and no rear seat. They were the hardest-core of hardcore Minis. And now a third GP is coming in 2020. The big little car brand announced the GP will return, but not much else. The only other detail shared was that it will have styling inspired by the Mini John Cooper Works GP concept shown at the 2017 Frankfurt Motor Show. As seen above, it was a thoroughly over-the-top interpretation of the GP with huge fender flares featuring big trailing fins. The rear wing was also enlarged to near comic proportions. We'll see if Mini commits to the gonzo styling, or if it dials things way back. 2019 Mini John Cooper Works Knights Edition View 18 Photos To supplement the announcement of this new Mini, the company also announced a few special-edition Mini models on sale now or very soon. The most interesting of the three newly announced Minis is the Mini John Cooper Works Knights Edition. It's a Mini JCW Hardtop in black with a silver roof, mirrors and hood stripes. On the sides are silver and red stripes, and all around the car is black trim. The door handles, badging and grille surround are all painted black. It's a menacing-looking car, or at least as menacing as a Mini can look. It also gets the remote-controlled exhaust flap to go from mild to wild exhaust note at a push of the button. This model goes on sale in the first quarter of 2019. Next month, you'll be able to get your hands on the Mini Countryman Yin Yang Edition. This is a basic Mini Cooper S Countryman in either black or white, with the other color for the roof and hood stripes. It also gets a black grille and black light trim. Then there's the Mini Clubman Starlight Edition. This is a Cooper S Clubman in dark blue with a silver roof, mirrors and hood stripes. It's on sale now. Both special editions also throw in some luggage accessories as standard equipment. Related Video:

Mini finally lands its full blackflip

French stuntman Guerlain Chicherit hit the ski slopes of Tignes, France over the weekend - not to enjoy the fresh snow but to perform the first-ever unassisted backlip in a car, which was teased last month.
The unassisted part of the stunt comes from the fact that he Chicherit, in a special rally-prepped Mini Countryman, uses a regular, solid ramp rather than any specially modified ramps that have been used in the past to pull off this stunt. Unfortunately, after 18 months of practice, you'd think the video would be more entertaining by showing more closeups or better angles of the stunt.
Either way, you can check out Chicherit and his Countryman nail the back flip in the video posted below, and Mini has provided a press release and some high-res shots for the stunt as well.