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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 Aceman concept previews a funky, flashy EV below Countryman

Mini has big plans for its future, and it all revolves around electrification and fun, funky design. Some of that has been shown with ambitious concepts such as the Mini Urbanaut micro-van, but now we're getting a look at what's coming soon with the Mini Aceman (a name curiously similar to the ill-fated two-door Paceman). It's still very much a show car at this point, but it does hint at a production electric SUV. The overall shape is clearly Mini. It's a boxy little thing with a contrasting roof, wraparound glass, fender flares, big headlights and a big grille. But everything is now beveled and angular. The grille has distinct sides, as do the headlights, which match the angles. The wheel arches are squared off, and the whole body has more chiseled panels. It gives the whole thing a more rugged shape than the usual Mini, which fits its crossover bodystyle and mission. And because it's an EV, it has a filled-in grille and flush door handles. All of these aspects are likely to show up in a production Aceman. Probably not appearing in the production model is the flashy LED grille that can display all kinds of colors and patterns. It's also matched with similarly animated puddle lights. We also doubt the production model will feature the bright orange covers over the external speakers that provide safety sounds but also welcome sequence sounds. The Union Jack taillights, though, those are probably happening, since they're already on the current production Mini lineup. That Union Jack roof rack wouldn't be out of the question either. Mini also noted that the production Aceman will slide between the Mini Hardtop and the Mini Countryman in the lineup. The size seems to back that up. It's about an inch longer than the four-door Mini Hardtop and about six inches taller. And all those numbers come in well below the bigger Countryman, save for height, which is similar. The interior is even more interesting than the exterior. Mini says they've applied the idea of "Charismatic Simplicity" to the car, and this is where it really shows. It has just a simple dash pad ahead of the funky green velour steering wheel, and mounted to it is a circular OLED touchscreen infotainment display. It continues the design idea laid out by the original Mini revival of the early 2000s, but very decluttered.

2013 Mini John Cooper Works GP will start at $39,950*

Get your wallets ready, folks. The 2013 Mini John Cooper Works GP arrives this fall, and we've now learned that the cost of entry for the potent little hatchback is $39,950, (*) including $700 for destination.
Aside from an adorably tough appearance, that just-under-$40,000 price tag gets you a whole host of performance goodies, including a turbocharged four-cylinder engine good for 218 horsepower and as much as 207 pound-feet of torque. No, that isn't any more oomph than what you get in the standard JCW Hardtop, but there's a whole lot more to the GP kit. For starters, there's a fully adjustable coilover suspension, not to mention a reduction in overall weight - at 2,558 pounds, the GP is 121 pounds lighter than a normal John Cooper Works Hardtop.
A Mini spokesperson confirmed to Autoblog that the JCW GP can only be purchased one way, and will be offered as an option package on the standard John Cooper Works Hardtop. Its starting price represents a $5,150 increase over a standard JCW model, and is the most expensive model in the Mini range (the next being the $35,550 John Cooper Works Countryman).