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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 Cooper models see a price jump across the board

No matter what Mini model you may have had your eyes on, they all get more expensive for the 2020 model year. Most new Minis increase by $1,500, including every version of the 2020 Mini Hardtop (two-door and four-door versions) and the convertible. As such, the cheapest Mini, the 2020 Mini Cooper Hardtop two-door, now starts at $24,250 including destination fees. Pricing for the Clubman and Countryman models varies more. The Clubman actually drops the base non-S version, leaving just the S and and John Cooper Works versions. The S trims jump $2,000, while the John Cooper Works Clubman climbs $3,500. That bigger price increase does also come with a substantial increase in power and torque, going from 228 horsepower and 258 pound-feet of torque to 301 horsepower and 331 pound-feet of torque. The Countryman retains all its models, and most have the $1,500 price increase like the smaller Hardtop and Convertible versions. The exceptions are the Cooper S E Countryman plug-in hybrid, which only increases by $1,000, and the John Cooper Works which jumps $3,600. The hybrid gets a bigger battery, going from 7.6 kWh to 9.6, bringing electric-only range up 4 miles to 16, and the John Cooper Works Countryman gets the same 301-horsepower engine as the Clubman. Aside from the John Cooper Works and hybrid drivetrain upgrades, there aren't many other major changes to the Mini lineup. All Minis now get a group of driver assist features called "Active Driving Assistant," which includes adaptive cruise control, automatic high-beams and automatic emergency braking. Also, the six-speed automatic available on Cooper and Cooper S models is now being replaced with a seven-speed dual-clutch automatic. For the full breakdown of prices, check out the chart below.    

2020 Mini Cooper SE First Drive | Little range, big fun

The all-electric Mini Cooper has been a long time coming. The company’s first step toward electrics began in 2008 with the experimental Mini E, a car that used a powertrain co-developed with an outside company and that had some major compromises. It didn't have a back seat, there was even less cargo space than a regular Mini and it wasnÂ’t available to purchase, being offered in limited numbers for a short lease. More than a decade later, the 2020 Mini Cooper SE is available for purchase or lease to anyone, and offers the complete Mini experience, with in-house BMW-Mini technology and fewer compromises. ThatÂ’s also how Mini is marketing the Cooper SE: The S in the name is there to tell you it's as much fun to toss around as the grin-inducing Cooper S. The blunted performance from extra weight and limited range might say otherwise, but from behind the wheel, this is a Mini worthy of its S, and not some fun-challenged economy-mobile. The powertrain uses the same electric motor youÂ’ll find in a BMW i3. It makes 181 horsepower and 199 pound-feet of torque, which is just 8 hp and 8 lb-ft less than the gas Cooper S. Weight is an issue for performance numbers, since the 3,153 lbs SE lugs around an extra 453 lbs compared with its gas sibling. That reduces its 0-60 mph time from 6.5 seconds to 6.9, and its top speed also drops to just 93 mph as a function of its single-speed transmission. But a half-second to 60 mph is less significant from behind the wheel. Simply put, the Mini Cooper SE feels sprightly. It has the electric motor trademark of instant throttle response, which is amplified by the more aggressive throttle setting in Sport mode. The other trademark is a big lump of torque, though not quite as much as the tire-torching Chevy Bolt EV or Hyundai Kona Electric. These characteristics make the Mini fun for squirting around town and for making passes on the highway. Power starts falling off if you keep your foot down, so on-ramps arenÂ’t as thrilling as the longer-legged gas Minis. Also impressive are the regenerative braking modes. The Cooper SE has a mild mode and an aggressive one, with the former feeling a bit like the engine braking in a manual-equipped gas car, and the heavy one making it easy to drive with one pedal. The extra weight doesnÂ’t hinder handling. In fact, there may be some incremental improvements, as the electric Mini has a 50/50 front/rear weight distribution, better than the front biased gas Minis.