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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 Countryman spied looking less and less Mini

As the entire Mini lineup continues to grow in size, our latest spy shots for the upcoming Mini Countryman testing in Germany reveals the automaker's biggest car will stick to the trend of increasing semantic contradiction. This latest prototype drops some of its camouflage over the previously spied model that was spotted testing in the winter. Unlike the last test mule we saw, the disguised vehicle ditches the hexagonal grille for one that mimics the current model's design with a more traditional layout. The prototype also loses the sporty, multi-spoke wheels for a more boring, plastic-like set. The side and back end of the vehicle are heavily camouflaged, hiding the rear design of the prototype. But Mini's iconic taillights are still evident with the most current prototype only having one exhaust outlet, while the previously spotted model sported two. As expected, the next-gen Countryman should grow longer and wider. The increase in size will coincide with a switch to BMW's UKL2 platform. We also expect the Countryman to share the same three- and four-cylinder turbocharged engine options as vehicles on the same platform, namely the Mini Clubman and BMW X1. This prototype, with its low-end wheels and single exhaust outlet has us thinking that Mini is testing out one of its more fuel-efficient models. After the Countryman's debut, which is expected to happen at the Paris Motor Show in October, a performance-oriented John Cooper Works model and a plug-in hybrid variant should follow suit. Related Video: Featured Gallery 2017 Mini Countryman Spy Shots View 9 Photos Image Credit: CarPix Spy Photos MINI Crossover Hatchback SUV

Meet Vini, the V8-powered second-generation Mini Hardtop

There are several ways to extract horsepower from a Mini Hardtop, and most are far more straight-forward than squeezing a V8 engine under the clamshell hood. And yet, at the request of a client, England-based EDM Racing is well into the process of doubling the retro-styled hatchback's cylinder count while making it rear-wheel drive. Amusingly called Vini, the V8-powered Mini started life as a 2007 Cooper S. It had a little over 100,000 miles on its odometer when David Power, the managing director of suspension bushing expert Powerflex, instructed EDM Racing to prepare it for an improbable engine swap. As mechanics stripped it to the bare metal, Power sourced a 4.0-liter, 415-horsepower V8 and a matching seven-speed automatic transmission from an E92-generation BMW M3 and began figuring out how to make it fit into a city-friendly hatchback delivered new with a 172-horsepower, 1.6-liter four-cylinder engine. Installing the new drivetrain directly behind the front seats would have likely been the easiest solution from a packaging standpoint, but the team decided to keep the front-engined layout. The conversion consequently required chopping out significant chunks of the Hardtop's firewall and floor, so EDM Racing started by designing and welding in a roll cage to maintain the car's structural integrity. The firm then installed modified front and rear subframes from a Subaru Impreza to keep the four wheels in their original position, or as close to it as possible. Power stressed he wants Vini to look nearly stock, especially when it comes to its track width, meaning punching out the wheel arches Renault 5 Turbo-style was out of the question.  The V8 fits surprisingly well in the Mini's engine bay, and it keeps the car's weight distribution in check. Power originally considered using a Subaru-built flat-four or a straight-six from an earlier M3, but both would have put too much weight ahead of the front wheels. Installing the automatic transmission was more difficult, however. "Making it all work in an OEM fashion will be a challenge for sure, but no more so than the most galling part of the project so far: Chopping out a transmission tunnel wide enough to accept the Getrag. I was aware of the dangers associated with cutting too much away and removing integral strength from the shell in the process, hence why we tackled the job in set stages and with the cage [installed]," EDM Racing's Elliott Dunmore explained.