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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.

2017 MINI Model Year Preview and Updates

The team at MINI, BMW's small car subsidiary, is taking its minimalist approach to motoring and – with the launch of the all-new Countryman (pictured above) – maximizing it. Built atop the same basic architecture as BMW's X1 crossover, the newest Countryman is larger in every dimension than its predecessor. And with the stretch, it becomes fully competitive in both space and performance (at least in Cooper S guise) with virtually all of its competition, including Audi's Q3, BMW's own X1 and Mercedes' GLA. Beyond the new crossover, for 2017 it's a proliferation of John Cooper Works performance models and the intro of Mini's first plug-in hybrid. It, too, plugs into the new Countryman, and is on showrooms in June, 2017. Finally, don't forget the countless ways you can personalize your Mini – or the countless costs when you've added that personalization to the window sticker. MINI HARDTOP: Mini's Media package is now standard on all Hardtops, while some packages previously standard – such as Mini Driving modes and Excitement lighting – are now optional within package groups. CLUBMAN: A high-performance John Cooper Works Clubman is where, according to MINI, 'race-inspired performance meets grown-up motoring'. It is also the first Mini to combine a JCW performance pack with Mini's ALL4 all-wheel drive. CONVERTIBLE: All-new in 2016, the new model year brings another application of John Cooper Works performance. This is the same 228 horsepower available in other JCW models; with the top dropped, however, it feels much faster. COUNTRYMAN: To hear Mini tell it, this is the biggest, most adventurous Mini ever. As noted, it's a stretched variant – in every direction – of its predecessor, and with the larger size comes more refinement. Also noteworthy: All trims and drivetrains include an expansive menu of standard equipment. Cooper and Cooper S versions are on showrooms in March 2017, while the plug-in hybrid – Mini's first in the US – arrives in June.

BMW names new chief for Mini

Mini is still transitioning models over to its new platform, and in the US market at least, the diminutive brand is dealing with a sales decrease of 15.6 percent in 2014. The low gas prices aren't helping either. But as of March 1, there's a new boss running the company across the world as Sebastian Mackensen (right) is promoted to the top spot from his current role as head of sales. Mackensen has been with Mini since October 2013, and according to Automotive News, before that he headed North and South American sales for Audi. Current brand boss, Jochen Goller is staying with BMW family and moving to China to take over as marketing chief for the BMW Brilliance joint venture. He had been the leader at Mini since 2013. Among several other personnel shifts, the BMW brand is also promoting Uwe Dreher to be its new head of marketing. He is currently in charge of those duties for the company in the Great Britain region. Personnel changes at MINI and BMW Group sales Munich . From 1 March 2015, Peter van Binsbergen will be Senior Vice-President, Sales and Marketing of BMW Group Germany. The 47-year-old mechanical engineer is currently Head of Sales and Marketing at the BMW Brilliance Joint Venture based in China. Mr van Binsbergen's career with the BMW Group began over 20 years ago when he assumed senior positions responsible for product planning, marketing and sales at BMW South Africa. He then moved to BMW Japan, where he was Director of Marketing, followed by a move to BMW Group headquarters in Munich, where he led the department responsible for sales channel development and the Group's "Future Retail" programme. Jochen Goller will move to China where he will take over an extended role with overall responsibility for Sales and Marketing at the BMW Brilliance Joint Venture in China. Mr Goller (48), who has headed up the MINI brand since 2013, already has experience when it comes to the Chinese market. During his 15-year career with the BMW Group, he was previously Head of Marketing at BMW China before returning to Europe, where he first took over responsibility for the MINI brand in Great Britain and Ireland ahead of moving to his current job. From 1 March 2015, Sebastian Mackensen will take on responsibility for the MINI brand. Mr Mackensen (43) joined the BMW Group in October 2013 as Head of MINI Sales.