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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 're-evaluating' relationship with Abby Wambach following DUI arrest

Mini USA is "re-evaluating" its relationship with former US Women's National Soccer Team star Abby Wambach after the 35-year-old was arrested for driving under the influence on Sunday morning. Wambach was just one of the athletes that joined Mini's recently launched "Defy Labels" campaign. She was driving a 2014 Land Rover Range Rover – not a Mini – at the time of the arrest. "We're obviously concerned about the alleged DUI attributed to Abby Wambach. This behavior is against the values we promote as an organization and the safety of everyone on the road is a priority here at Mini," the company said in an official statement obtained by Automotive News. "Because of this, we are re-evaluating her association with the brand and are pulling content that individually features Abby from our marketing. We will continue to assess the situation and weigh our options." Wambach was arrested in Portland, OR after running a red light in her Range Rover. Her blood alcohol content was not released by the Portland Police Bureau, although she was described as "polite and courteous" throughout the affair, according to a statement. You can see the Super Bowl ad featuring Wambach below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2017 Mini John Cooper Works Clubman ALL4 | Pint-size performer with a premium price

Last September, Mini revealed the Clubman John Cooper Works (JCW). It applied the same general JCW formula used on the regular three-doors to the longest Mini by giving it even sportier suspension and the potent 228-horsepower turbocharged 2.0-liter four-cylinder engine. But from there, Mini gave the Clubman JCW even more torque than other JCW models, and the most of any Mini model, with a total of 258 pound-feet. It also fitted standard all-wheel drive. On paper, it sounds like the ultimate performance Mini, and it doesn't hurt that it's about the most practical model. So how did it hold up in practice? First of all, this Mini has a serious weight problem. You might be tired of alarmist auto journalists whining about the increasing size of vehicles, but it's a major issue with this Mini. It actually weighs more than a V6 Chevrolet Camaro. The Camaro weighs 3,435 pounds, and the Mini weighs 3,450. That's for the manual transmission version, too. Our automatic-equipped test car weighed more than that. As a result, it feels noticeably slower than the competition, despite making 228 horsepower and the aforementioned torque. There's an area in which the Clubman JCW could easily lose some weight, and that's in the all-wheel-drive system. It's a Haldex-style system that only kicks in when the front wheels start to slip, so it's only beneficial for traction in bad weather, not for improving the driving experience by, say, reducing the car's understeer. That's fine for more mainstream Minis, but the JCW line is all about performance and speed, so if the all-wheel-drive system doesn't improve the driving experience, it should simply be dropped to make the car lighter. Despite the Mini's prodigious portliness, there are good points. The engine is very smooth, and power comes on almost instantly. In more aggressive driving modes, the exhaust pops and burbles almost every time you lift off the gas pedal. T he eight-speed automatic paired with this engine was equally up to the task. Shifts were fast and smooth. And it even worked well leaving it in automatic mode. It held gears smartly, and it would downshift while braking to ensure you had the right gear when taking off again. The Clubman JCW also has the brand's trademark corner-carving skills. Body roll is nearly absent in the normal driving mode, and what little was evident is removed when switching to Sport mode. The car responds immediately to each steering input, and it has tenacious grip through corners.