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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.

2021 Mini Countryman Boardwalk Edition price and features detailed

Mini announced a new appearance package for the Countryman called the Boardwalk Edition back in December, and now the company has revealed how much it will cost. With the $850 destination fee, it rings in at $39,215 for the front-wheel-drive version, or $41,215 for the all-wheel-drive. That's not cheap, but it comes with quite a bit. Based on the Cooper S Countryman and painted in a unique Deep Laguna Metallic paint, it comes with a Pin Spoke wheels, external trim, and contrasting roof all in Piano Black. The interior is available with only one upholstery, Cross Punch leather also in black. A touchscreen nav package comes standard on Boardwalks, which includes Apple CarPlay, wireless charging, and real-time traffic. The Boardwalk Edition also includes equipment from the normally $2,000 Premium Package, including LED fog and headlights, power-folding and auto-dimming mirrors, heated front seats and automatic climate control. Additionally, the Boardwalk Edition also receives bespoke door sills, roof and dashboard graphics, as well as unique Boardwalk side scuttles standard.  Compared to a a similarly equipped Signature trim with Premium Package, the Boardwalk Edition's price has a discount of a hair less than $1,000. If you like that package and the Deep Laguna color, then this is the trim for you. The Mini Countryman Boardwalk Edition will hit dealerships in April 2021. There's no word on whether a Park Place Edition will follow. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2020 Mini John Cooper Works Clubman, Countryman crack 300 horsepower

Mini got our attention a few months ago when it announced the upcoming Mini John Cooper Works GP would get over 300 horsepower. But apparently Mini's ultimate hot hatch isn't the only car getting a major power infusion, as the company announced the 2020 Mini John Cooper Works Clubman and Countryman are both getting 300-horsepower engines. Specifically, they'll make 301 horsepower each along with 331 pound-feet of torque from a revised 2.0-liter inline-four. That engine features a stronger crankshaft, new pistons and rods and a lower compression ratio to handle extra boost. All the power is sent through a standard all-wheel-drive system that comes with a mechanical limited-slip differential up front. Like past all-wheel-drive Minis, the system mainly operates in front-drive mode until slippage is detected, at which point power goes to the rear. The all-wheel-drive system has been beefed up with stronger gears and rear axles. Launch control is a standard feature, too. Also standard, a bit disappointingly, is an eight-speed automatic transmission. No manual will be offered on these models. Hopefully manuals will still be offered on later JCW Hardtop and Convertible models. These engine and drivetrain changes help the Clubman and Countryman improve their 0-to-60 mph times by about 1.5 seconds. The Clubman now gets to 60 mph in 4.9 seconds, and the Countryman in 5.1 seconds. Both Minis are the first to be given a 155-mph electronic speed limiter, too. Previous models didn't have enough power to reach that mark. Mini John Cooper Works Countryman View 4 Photos Mini also made some upgrades in the handling and stopping departments. Both models get additional chassis bracing along with small suspension revisions. A package with electronically adjustable shocks is available. The rear brakes now feature fixed four-piston calipers. Front brake rotors are 14.2 inches in diameter, while the rears are 13 inches. Despite these major mechanical upgrades, visual changes are extremely subtle. The Clubman has a different main grille insert and the new Union Jack taillights, but the Countryman is effectively identical to the current model. The interiors on each are basically unchanged as well. Pricing and availability have not been announced yet. Since large portions of the vehicles are shared with the current model, we would expect to see them go on sale at least within the year, possibly in the next few months. Prices likely won't change too much from the current model year.