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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.

Manuals return to the Mini lineup for 2021

The 2021 Mini Cooper will offer a manual transmission again, after the 2020 model had to go without a stick shift due to problems certifying that powertrain. It had been hoped that the emissions issue would be straightened out in only a few months, but as it turned out, Mini had to go through the entire 2020 model year with its cars offering only two pedals. The 2020 Cooper and Cooper S models got a seven-speed dual-clutch automatic, while the John Cooper Works variants and the ALL4 versions of the Clubman and the Countryman got an eight-speed unit. For 2021, the standard Mini Cooper with the 134-hp 1.5-liter turbo three-cylinder will offer a six-speed manual in the hardtop, four-door, and convertible body styles. The 2021 Mini Cooper S, with its 189-hp 2.0-liter turbo four, also will come standard with the six-speed stick in hardtop, four-door, and convertible form. The John Cooper Works hardtop, with its 228-hp 2.0L turbo, shares in the manual-transmission goodness, but the JCW convertible remains automatic-only, with the seven-speed DCT. The 2021 301-hp John Cooper Works GP hardtop will be eight-speed automatic only. For the 2021 Clubman and the Countryman, the picture is still murky. It's likely that the JCW Clubman and JCW Countryman, which also get the 301-hp engine, will continue to be offered only with the eight-speed automatic gearbox, although the less-powerful versions could get a stick shift again. Mini says, "Manual transmission offerings will be confirmed once 2021 model year information for these models is released later this spring." Given the persona Mini has cultivated, this brand seems like one that should continue to offer stick shifts for as long as possible. Mini spokesman Andrew Cutler claims that the Mini hardtop generally has had the highest take rate for manuals in the U.S. market, with 45% buyers of the (2019-model) John Cooper Works version opting to row their own gears. Related Video:      

Remember that world-record jump crash? Here's every angle, including the human one

While there are those who watch automotive exploits hoping (secretly or otherwise) for a spectacular crash, most of us are happy when everything goes smoothly. But at the end of the day, a daring stunt wouldn't be a daring stunt if there weren't some element of danger. And make no mistake about it, Guerlain Chicherit's recent long-jump record attempt was a daring stunt if ever there was one.
Chicherit, for those unfamiliar, is a French athlete who made the rare transition from "conventional" sports to motor sports. An accomplished professional skier, these days Guerlain drives a specially-prepared Mini Countryman in off-road events like the Dakar Rally and in death-defying stunts. Last year he managed to backflip his Mini and land in the record books, and this past winter he went after Tanner Foust's record by attempting a 360-foot jump at a ski resort in the French Alps. Unfortunately, things did not go as planned.
Despite several practice jumps at closer distances, the final attempt ended in a massive cartwheel crash in front of the gathered crowds. Several spectators published footage of the crash soon after it happened, but now GoPro has released a more comprehensive compilation showing the lead-up to the event and the jump itself from every angle - inside, outside and away from the vehicle. It's guaranteed to make you cringe, but remember that Guerlain miraculously escaped with minimal injury and will live not only to tell the tale, but likely to take another crack at it. Whether you're the kind to gawk at such a crash or not, the video below is worth watching.