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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.

2020 Mini Cooper SE Drivers' Notes | Two editors, two cities, one electric car

The 2020 Mini Cooper SE is Mini's first electric car that it's actually selling widely to the public, rather than a quasi-experimental product a select few could lease. While in most respects, it looks like a plain Mini Hardtop or Cooper S, it instead has a BMW i3 electric motor under the hood. The SE makes 181 horsepower and 199 pound-feet of torque. Between the front seats and under the rear seats are battery packs that give the Mini an estimated 110 miles of range. The new powertrain means the electric Mini sits ever so slightly higher, but it has a lower center of gravity than other Minis, and it has a perfectly even weight distribution front to rear. To get an idea as to what it's like to live with this spunky little commuter, Managing Editor Greg Rasa in Seattle and News Editor Joel Stocksdale in Detroit each spent a week with one. Both cars were the top shelf Iconic trim, bringing the starting price to $37,750 after the $850 destination charge. The SE is also eligible for the $7,500 federal tax credit, making that high price sting a bit less. Check out their thoughts in the discussion below. Joel Stocksdale: Want to talk Mini? Greg Rasa: Sure. So, how to begin ... Fun car. Way fun. JS: So much fun! I took it out for pleasure cruises at least every other day just because it was such a blast. GR: I took mine on some long outings and was pleased with it in every respect. Some background: I drove a 2013 Leaf as a commuter for a couple of years, so that's kind of my baseline for an EV — utilitarian, basic, purpose-built for commuting. And of course I have driven other EVs quite a bit, Niro, etc. The difference with the Mini is apparent from the first impression. Stepping into it, there's a wow factor. Nice interior, quilted seats, yellow racing stripe in the carbon fiber-look dash, goofy space-age sounds. Everything screams fun. JS: What really got me fired up about the driving was the handling. Minis are already great in corners, but this one feels particularly good, and I think a lot of it has to do with the weight balance. It's an even 50/50 front/rear distribution, and you can feel that in turns. It's very neutral and has loads of grip despite the low-rolling-resistance tires. I desperately want to take one to an autocross event. GR: Yes, very grippy. All EVs tend to handle well, I think, given how planted they are with the battery weight down low, but the Mini is the best yet. You're in a John Cooper Works (JCW) now, right?

Next-gen Mini could sire 10 different models including PHEV

The first generation of the reimagined, BMW-backed Mini was a simple things, confined to two body styles - hatchback and four-seat convertible. It wasn't until the second-generation platform came along that Mini began truly expanding, offering a long-wheelbase model, a roadster, a coupe, a five-door crossover, and a three-door, um, thing?
BMW is aiming for 10 to 12 different vehicles from just two brands off one platform.
According to an interview between Automotive News Europe and the BMW board member that oversees Mini, Peter Schwarzenbauer, the funky British brand will be expanding far beyond the seven body styles it currently offers. "With the new ULK architecture, we currently have in mind eight to 10 models," Schwarzenbauer told ANE. That architecture he mentions, will also underpin the BMW 1 Series GT and the BMW X1, meaning that BMW is aiming for 10 to 12 different vehicles from just two brands off one platform (and that's only what we know about).