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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.

Why the 2020 Mini John Cooper Works GP doesn't have a manual

LOS ANGELES — The 2020 Mini John Cooper Works GP is an interesting machine. While it shares a lot in common with its predecessors, such as the big rear wing, no rear seat, four-spoke wheels and other aggressive design cues, it has a number of distinct differences. In particular, it has a massive amount of power relative to old models, and it doesn't have a manual transmission. This all left us with some questions that we brought to some Mini representatives. We'll start with the big one: "Where's our manual?" The representatives said a lot about how manual take rates are declining, and the smooth, quick-shifting automatic transmission fits a track-oriented car. But they also eventually admitted that they don't have a manual transmission available that would be strong enough to handle the turbo 2.0-liter engine's 301 horsepower and prodigious 332 pound-feet of torque. On the other hand, the engine, which is also used in the John Cooper Works Countryman, Clubman, and small BMWs, already has an automatic developed. And obviously, the company didn't feel it was worth it to develop a stronger gearbox for a run of just 3,000 cars. At the very least, having experienced Mini automatics in the past, they are good, and to make the experience a little more engaging, Mini has custom 3D-printed aluminum alloy shift paddles for the GP that do feel good. Another thing we were curious about was the disappearance of the Nurburgring lap time from the dashboard. Spy shots showed a time of 7:56.69 on a 3D-printed dash panel. The 3D-printed dashboard remains, but it will now have each model's production number instead. The display car uses 2020 as an example. The Mini representatives said that past customers cared more about which number of car they had, rather than a lap time. This is also in keeping with past GP models that all displayed their production numbers somewhere in the interior. The new GP's most striking features, though, are its carbon fiber fender flares. They serve a couple of purposes, such as accommodating the car's wider track and tires. According to one of the representatives, they also help direct airflow and reduce drag, but she didn't say by how much. Then there's the appearance, which is unusual at the least, looking almost like vertical wings, and it's inspired by the outrageous concept. Although they're made of carbon fiber, it's more of a molded style than the woven variety seen on many cars.

BMW and Mini getting GoPro integration

The small, high-quality and relatively inexpensive GoPro camera has been revolutionary for Internet video, especially of cars. Imagine how much awesomeness and hilarity we would have missed without them. Finding ways to integrate the cams into performance cars is becoming increasingly popular among automakers, as well. For example, the 2015 Chevrolet Corvette has its Performance Data Recorder, and Volkswagen is giving GoPros to early buyers of the 2015 GTI. BMW Group is going straight to the source for its rendition, though, with a new app that allows drivers to control a GoPro from inside of some BMW and Mini vehicles.
In July, owners with 2012 or later models equipped with BMW Apps or Mini Connected can download the new app. There are a few hurdles to jump over, though. Not only do users need a model with the infotainment system, a WiFi-equipped GoPro camera is also required. The app also must be installed on an iPhone connected to the vehicle.
Once all of those stipulations are met, the app can configure and control the GoPro through iDrive and display a nearly live image on the infotainment system. Menus are simplified on-screen but still allow users to select among six camera modes, aim it and start and stop recording. While filming, it shows recording time, battery life and signal strength. While BMW's approach isn't quite as nicely integrated as the Corvette's solution, it's interesting to see automakers working to make filming easier. Scroll down to read the full announcement.