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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.

6 luxury car brands to watch in 2024

2023 was a healthy year for the auto industry, and even with incentives returning and dealer lots filling up, there's plenty to like about the market if you build luxury automobiles, and we expect 2024 to be more of the same, which makes luxury-segment rivalries all the more interesting. Top luxury car brand rivalries? Well, that sounds downright uncivilized. But we know better, don't we? And when every quarterly sales update is an opportunity to remind somebody else that they bought the wrong status symbol, well, who can resist? Certainly not the diehard customers who fly their favorite brands' banners high.  Read more: Auto sales: Industry records best year since 2019 Read more: 2023 auto sales and 2024 preview: Ford Bronco vs. Jeep Wrangler This is a tricky segment to define, but essentially, we're looking at luxury car brands with depth to their portfolios and dealerships that exist to attract real-world customers. The Bentleys, Rolls-Royces and McLarens of the world are luxury cars, certainly, but we're more concerned with brands that have a bit more mass appeal — manufacturers who treat supply constraints as fiascos rather than features. If you disagree with our selections, feel free to let us know in the comments.  And since we're mostly concerned with finishing order, the luxury brands and totals featured here may change as new data come in throughout 2024. Due to the wild swings of the past several years, we're treating 2023 as the baseline by which we'll measure sales performance. And rather than rank brands vs. their finishing order in 2022, when supply-chain and inflationary issues still played havoc with sales figures, we're starting 2024 off with a clean slate.  The mainstream luxury segment is always a dogfight, but with their varied approaches to electrification all of the major luxury brands are in the midst of reshaping the premium landscape. Who is doing it right? Well, according to U.S. shoppers, the usual suspects are up to their old tricks.

Revised 2015 BMW 6 Series family shows its tweaked face to the world [w/video]

BMW is unwrapping refreshed versions of its luxurious 6 Series family for the 2015 model year, and the range features some styling tweaks inside and out, along with new standard tech. The biggest change for 2015 is a redesign at the front end to make the 6 look even sharper than before. Only BMW superfans might notice one of the reasons why, though. There are now nine slats in the kidney grille instead of 10 to create larger openings. In addition, all versions get standard Adaptive full-LED headlights with a slightly more angular shape. They're joined by new side mirrors with integrated indicators in thin strips of lights. Lower down, a revised front air dam boasts a tweaked design and LED foglights at each top edge. Updated side window surrounds are exclusive to the four-door model and feature the Gran Coupe name embossed into them near the rear doors. Buyers of any of the models can choose among a palette of new colors including: Jatoba metallic, Cashmere Silver metallic, Glacier Silver metallic, Mediterranean Blue metallic and Melbourne Red metallic. For 2015, the interior revisions are subtle. There's high-gloss black trim covering the center console, and LEDs are used for some lighting. Navigation, heated front seats, two-zone climate control, dynamic cruise control and heated exterior mirrors all come standard for all models, though. If the regular leather doesn't suit you, then there are now Ivory White/Black and Cognac/Black two-tone Nappa options. Mechanically, the 6 Series family carries over from last year. That gives the 640i a turbocharged 3.0-liter inline-six making 315 horsepower and the 650i a turbo 4.4-liter V8 with 445 hp. The M6 carries over its 560-hp version of the V8, too. Standard models get an eight-speed automatic with optional all-wheel drive, and the M has a seven-speed dual-clutch. If all this isn't enough for some buyers, there are also two new optional packs. The Black Accent Package adds high-gloss black parts for the grille, window surrounds and pipes, plus includes Cognac/Black leather inside with wood trim. The M Sport Edition brings an M body kit, steering wheel and 20-inch wheels, along with cabin additions like a leather dashboard, ventilated seats and soft-close doors. Read all the details about the latest crop of 6 Series models in BMW's verbose press release below, and while you're there, check out an official BMW video.