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BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

Classic Rover Mini is a passion-inspiring plaything

Ask anyone that's driven a classic Mini, and they'll probably tell you that their first reaction to driving it was a lot like the start of this video - whooping, shouting, laughing and a whole lot of smiling. This video, from Jon Quirk, editor-in-chief at Auto Trader UK, highlights the connection between him and his Rover Mini Paul Smith. He really nails the man-machine interface that makes owning a great car so much fun. Besides that, Quirk does a good job of enumerating what is so enjoyable about driving a fun car on a twisting road.
For our British readers, this video is also meant to test the waters for a new format from Auto Trader UK, called "I Bought One." With Quirk's Mini, the car-buying site is looking at telling the story of people and their interesting cars. We think this video is a great start, with high production value and solid content. Head on over to the YouTube channel, and let them know what you think. But first, scroll on down for the entire video on this awesome Rover Mini.

BMW looking to save billions with cost cuts

BMW is planning a fairly extensive overhaul in a bid to recoup some its annual costs, with CEO Norbert Reithofer (pictured above) aiming to save three to four billion euro ($4 to $5.4 billion) per year to help keep the company's profit margins between eight and 10 percent, while also maintaining investments in production expansion and new tech. BMW's profit margins sat at 9.4 percent in 2013.
According to Automotive News Europe, Reithofer is none too pleased about costs at Mini and on the 1 Series, although neither AN nor its source story, from Germany's Manager Magazin, elaborate on what steps could be taken to improve losses on either project. That makes it hard to figure out just where the fat will be trimmed from.
What may happen, though, is that BMW attempts to trim 100 million euros ($135 million) from its German labor costs each year; a solution hinted at a few weeks ago by Germany newspaper Muenchner Merkur. While a dramatic cost reduction, 100 million euros still doesn't begin to even approach the savings envisioned by Reithofer.