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Automakers are getting nervous about Europe's economy

Carmakers BMW and Stellantis on Thursday expressed concerns about Europe's economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares. "Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." This follows a dire assessment of consumer sentiment in Europe from the likes of consumer goods company Unilever and news of lower spending by Europeans from Amazon. Like other major auto companies, Stellantis and BMW have been hit by supply chain disruptions stemming from the global coronavirus pandemic that have curtailed car production. They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. BMW posted a 35.3% jump in third-quarter revenue despite a small drop in vehicle sales. Stellantis said its revenue rose 29% on the back of a 13% increase in vehicle sales as more semiconductors became available. The concern among analysts has been that demand may falter, just as carmakers get their hands on the supplies they need, undermining pricing and hurting profits. But this week Ferrari said it was confident about its prospects for this year and 2023 as demand for its luxury cars, as well its pricing power, remained strong. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. But BMW's chief financial officer Nicolas Peter said high inflation and rising interest rates could hit buyers' wallets. "This is causing conditions for consumers to deteriorate, which will affect their behaviour in the coming months," he said. "We therefore continue to expect our higher-than-average order books to normalise, especially in Europe." He added customers had been unhappy about the wait for new cars, so "a slight reduction (in orders) would not be negative." Palmer said Stellantis was "ready for any softness in demand" but in the short term had been affected by a shortage of drivers to deliver its cars to dealers. "At the moment, we can't build enough cars," he said.

Mini Minor to be co-developed with Toyota

It was back in 2011 when Mini first showcased the prospect of an even smaller hatchback with the Rocketman concept at the Geneva Motor Show. In the nearly four years since, parent company BMW has hemmed and hawed on the possibility of putting it into production, but the latest word from Europe has it that the project is a go. According to Automobile magazine, Mini is realigning its product portfolio into five pillars: the essential hardtop we've already seen (available in two/three- and four/five-doors), the convertible, the upcoming new Clubman wagon (coming this summer with full-size auxiliary suicide doors on both sides), the next-gen Countryman crossover in 2016 and two new model lines. One will be the production version of the Superleggera roadster concept, earmarked for 2018. The other will be the Minor, a smaller city car reviving a long-gone model name and presaged by the aforementioned Rocketman concept. But for that last one, Mini won't go it alone. To develop the mini Mini, BMW will reportedly turn to its partnership with Toyota. The relationship is already set to yield a new Supra and Z4 and share fuel cell and other technologies. But this would broaden the partnership to include a small hatchback. However rather than use the existing (or next-gen) Aygo, which is already built under joint venture with PSA Peugeot Citroen (with which BMW previously had a joint engine venture), word has it that the BMW and Toyota will develop a new platform for the project – one that will be used by both partners. The new product plan doesn't leave much room for the Mini Coupe and Roadster (which have already been discontinued), for the Paceman three-door crossover (which will suffer the same fate) or for the projected seven-seater minivan. But the addition of the new Superleggera roadster and super-mini Mini aren't likely to leave us wanting for either. Related Video:

AC Schnitzer's hotrod BMW 318ti remembered by MotorWeek

There are plenty of compact luxury cars available in the US today, including the Audi A3, BMW 2 Series, and Mercedes-Benz CLA-Class. In the '90s, the BMW 318ti tried to offer a similar mix of luxury at a reasonable price, but it never quite found much success in America. The 318ti looked like an E36-generation 3 Series in front but featured a stumpy liftback at the rear. The only engine available in the US was a four-cylinder. If you had the money, though, the aftermarket was ready to give you more power and more aggressive looks. AC Schnitzer dropped a bored and stroked 3.0-liter inline-six under the hood to create a pocket-sized hot rod, and MotorWeek took it for a drive. The model in this video was the promo car for AC Schnitzer's US importer, and it had every upgrade possible to show off what the German tuner's produced. Under the hood, the company installed an upgraded engine with 241 horsepower and 228 pound-feet of torque. For comparison, a US-spec M3 of the era had 240 horsepower and either 225 or 236 lb-ft, depending on the model year. AC Schnitzer also sharpened the 318ti with a suspension overhaul and short shifter. According to MotorWeek's tests, the mods got the hatchback to 60 miles per hour in 6 seconds and gave 318ti laudable handling. So much performance wasn't cheap, though. The upgrades on the promo car cost more than twice as much as the 318ti's base price. Watch this Retro Review to find out the massive amount you needed to pay to get M3 performance in a tiny package. Related Video: