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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.

Drive On The Left | The List #0033

When you've been driving on the right side of the road your whole life, driving on the left can be incredibly disorienting. In this episode of The List, hosts Jessi Combs and Patrick McIntyre brave the traffic-filled streets of London as they take in the sights in a Mini Cooper. "London is not a driving city. There are millions of people and millions of cars," said Patrick. "And the streets seem to have been laid out at random over the centuries." Even Jessi found herself battling old habits in the right-hand drive Mini. "I've already gone over to reach for the door twice to shift it," she said. Our hosts dig into the history behind the traffic swap on the other side of the pond as they attempt to check "Drive On The Left" off their List. Click here to find more episodes of The List Click here to learn more about our hosts, Jessi and Patrick MINI Coupe The List Videos Original Video right hand drive

2020 Mini Cooper S E electric car's reveal date announced

Although we've pretty much seen the production 2020 Mini Cooper S E electric hatchback, we've been in the dark about when the car, and more importantly its specifications, will officially be revealed. But now the company says we'll see it on July 9, just a few weeks away. As you can see above, the car pulls many design cues from the Frankfurt concept such as the mostly filled-in grille with a yellow-green stripe and the nifty four-spoke wheels. Of course it's also clearly and closely based on the regular Mini Hardtop, and it even features the Mini Cooper S hood scoop. That's another indication that Mini intends for it to be comparable to a sporty gas-powered model. We're most anxious for confirmation on performance specifications. In our prototype drive, we learned that the motor is based on the one from the BMW i3S, so it should make about 181 horsepower, just 8 shy of the gas-powered Mini Cooper S. But the range estimate given during the prototype drive was a rather low 120 miles. That's actually a little less than the 150 miles of the prototype Mini E from about a decade ago. More finalized numbers should be available after the official reveal.