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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.

BMW 8 Series turns 25 [w/video]

From the very beginning, the BMW 8 Series was a head turner. It was hardly a common sight in the first place, and the angular lines and low, pointed nose made the GT look like something special on the road. It's been 25 years since the Bavarian brand's flagship coupe of the '90s debuted, and owners celebrated the anniversary in style in Germany.
The 8 Series still looks great today, but its popup headlights give away its age a little. You just don't see them anymore. It was introduced at the 1989 Frankfurt Motor Show as the 850i with a 5.0-liter V12 under the hood capable of 295 horsepower and 332 pound-feet of torque. Later, even bigger V12s would find their way in there. Production lasted until 1999, but they were rather exclusive with 30,621 built in its lifetime.
To celebrate the anniversary, several BMW clubs organized 120 examples for display at the company's headquarters in Munich. The brand took advantage of the display to show off the ultimate 8 prototype as well. The one-off special packed a 550-horsepower V12 and a body with optimized aero. That engine eventually became the basis for the one in the McLaren F1.

Editors’ Picks March 2023 | Hot hatch galore and some great luxury SUVs

This month of Editors’ Picks sees us hand out a pair of nods to the best hot hatchbacks money can buy these days, the Honda Civic Type R and Toyota GR Corolla. You can read more about how they compare in our head-to-head comparison test, but both have their advantages, and we can highly recommend buying either of them. Then we head to Europe to recognize a couple of SUVs that just went through mid-cycle refreshes and came out on the other side just as lovable as they were before. In case you missed our previous Editors' Picks posts, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in January that earned an EditorsÂ’ Pick. 2023 Honda Civic Type R 2023 Honda Civic Type R front low View 34 Photos Quick take: The Honda Civic Type R embodies what at means to be a hot hatch. It's the best FWD car we've ever driven, and because it's a Civic, it excels with a spacious and pretty interior, too. This is the full package. Score: 8.5 What it competes with: Toyota GR Corolla, VW Golf R Pros: Sublime driving dynamics, magical shifter, gorgeous and utilitarian interior Cons: An expensive proposition, lacks basic luxuries like heated seats From the editors: Senior Editor James Riswick — "The Civic Type R is a resolutely composed performance machine that sufficiently builds upon the delightful man-machine interfaces found in the increasingly impressive trio of Civic Sport Touring, Civic Si and Acura Integra A-Spec. ItÂ’s even more fun and capable at higher speeds, yet remains just as forgiving and easy to drive. The 2023 Honda Civic Type R sure seems all grown up. Maybe itÂ’s because IÂ’m almost in my 40s, (ugh) but I see absolutely nothing wrong with this. The Type R magic is not lost." In-depth analysis: 2023 Honda Civic Type R First Drive Review: All grown up isn't so bad   2023 Toyota GR Corolla 2023 Toyota GR Corolla Circuit front three quarter low View 39 Photos Quick take: The GR Corolla is a serious performance machine that is sure to please any enthusiast with its brilliant driving dynamics. It's only let down by a cheap-feeling and small interior that doesn't lend well to daily driver duty.