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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 selects two artists to create M6 GT3 art cars

Whether it's Alexander Calder's 3.0 CSL or Jeff Koons' M3 GT2, BMW has had a role in some of the most beautiful art cars to ever see a racetrack since 1975. For the 40th anniversary of the series, the company will celebrate in the best way possible – making even more of them. Chinese artist Cao Fei and John Baldessari from the US will create two more artistic racers around the new M6 GT3, and after hitting the track, they'll go on display in museums in 2017. An international jury of museum directors and curators selected Cao and Baldessari to create the 18th and 19th art cars, respectively. Born in 1978, Cao is the youngest artist to create one with BMW. She seems to hint at the inspiration for her example in the company's announcement by saying: "Acceleration, a concept that reminds me of my desire for speed as a runner during the Young Pioneers days, is deeply connected to the entangled contemporary relationships between velocity, energy, and the country." Born in 1931, Baldessari will be the oldest person to produce a BMW art car. "This will definitely be my fastest artwork yet," he said in the release. BMW doesn't know yet exactly where either art car would race. "There is a possibility of one or both the [sic] compete in one of the major IMSA WeatherTech series races. However, this has not been decided yet," company spokesperson Thomas Plucinsky told Autoblog. "We expect to see the cars on track in 2017." Both artists have designs in the works but nothing to release yet. However, the gallery above shows some of the earlier creations. The M6 GT3 is BMW's latest racing weapon for customer teams, and it uses a modified 4.4-liter turbocharged V8 with up to 585 horsepower and a six-speed sequential gearbox. It will compete in places like the GTD class of the 2016 IMSA WeatherTech SportCar Championship in the US. Cao Fei and John Baldessari to create the next BMW Art Cars Racing tradition to be continued with the BMW M6 GT3 Munich/New York. Following commissions by Jenny Holzer (1999), Olafur Eliasson (2007) and Jeff Koons (2010), the BMW Art Car series will now be continued. On the occasion of the series' 40th anniversary, a jury of distinguished museum directors and curators chose two internationally renowned artists to design one car each. Chinese artist Cao Fei (*1978) and American artist John Baldessari (*1931) will be the youngest and the oldest artist represented in the collection respectively.

The BMW 8 Series leads this month's list of discounts

Whether you prefer the sleek looks of a sport coupe, the wind-in-your-hair exhilaration of a convertible or the flexible practicality of a four-door sedan, BMW has an 8 Series to suit your fancy. And if you're in the market right now, you may find that your local BMW dealership is willing to take $18,124 off the sticker price. That figure comes courtesy of TrueCar, and it reflects the discount buyers are getting off the 8 Series' average $122,395 retail price. Most of the 8 Series models in American showrooms today are 2019 models, and that's the model year to which the discount above applies. This represents the largest discount on a new car in America this month, based on the dollar amount off the car's sticker price, and the third largest discount by percentage. And it means the average transaction price for a 2019 BMW 8 Series is hovering at $104,271. 2020 BMW 840i Gran Coupe View 38 Photos BMW offers two distinct versions of the 8 Series, the 335-horsepower 840i with rear- or all-wheel drive, and the 523-horsepower 850i, which comes standard with BMW's xDrive all-wheel-drive system. If you want to step even further up the performance ladder, there's the M8, but that 600-horsepower monster is getting a much smaller $6,150 discount. If you're not into BMWs, the 2019 Mercedes-AMG GT boasts the second largest monetary discount this month, with buyers averaging $16,713 off the Benz's $176,035 sticker price. Another Mercedes, the S-Class, is next with a $11,452 discount. After that comes a pair of Maserati sedans, the Quattroporte and Ghibli, each with discounts of around $11,000. Since the Ghibli's base price is so much lower than that of its larger sibling, that represents a much larger 13.5% cut from its average retail price of $81,384 for an out-the-door cost of $70,373. For a look at the best new car deals in America based on the percentage discount off their suggested asking prices, check out our monthly recap here. And when you're ready to buy, click here for the Autoblog Smart Buy program, which brings you a hassle-free buying experience with over 9,000 Certified Dealers nationwide. Related Video: