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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.

New Zealand SPCA teaches rescue dogs how to drive a Mini

No, this isn't an April Fool's joke or some sort of wacky car commercial. It's the SPCA Auckland (located in New Zealand) coming up with an innovative way of proving that it's possible to teach a rescue animal new tricks. Monty, Porter and Ginny are all dogs rescued by the SPCA Auckland, and each was taught the ability to drive a Mini Countryman around a track.
After being strapped into the driver's seat, the dogs are able to use their paws to start the car, steer it and work the gas and brake, which have been modified similar to a car setup for a special-needs driver. These dogs aren't being trained to drive on the street as any sort of driving-eye dogs, rather it is just a demonstration of how smart and docile rescue dogs can be regardless of how they ended up there. Porter was found wandering the streets, Ginny was abused by her owners and seized by the SPCA and Monty was surrendered by his owners to the rescue. Ironically, Porter and Ginny initially got carsick during the exercises, but have since gotten over this.
Think it's a joke? Scroll down to watch four videos showing the dogs in action and another to see what mods were made to get the Mini ready for canine duty. In the first video, you can also see that Porter does a better parking job than most humans!

2020 Mini John Cooper Works GP appears to have its Nurburgring time on the dashboard

Details on the 2020 Mini John Cooper Works GP hot hatch have been trickling out, and it sounds and looks impressive. It will have over 300 horsepower (probably at least 301 like the Clubman and Countryman), and it has wild bodywork like its concept. Mini has also been promising a fast Nurburgring lap time, with the only information given that it will be under 8 minutes. Before the company could announce it, someone found it on the dashboard of the car. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Twitter user Will Pierce shared a photo of the dash, and the time wasn't just on a piece of paper, it was molded into the plastic trim of the dashboard. Mini is really proud of it, but maybe they shouldn't be that proud because it's not a record, giving it the benefit of the doubt that it's front drive like past GPs. The time is 7:56.69. The current front-drive record holder is the Renault Megane R.S. Trophy-R at 7:40.1. That's over 16 seconds faster. It also edged out the Honda Civic Type R's old record of 7:43.8. Even the third-fastest front-driver, the VW GTI Clubsport, did a lap in 7:47.19. In the grand scheme of things, Nurburgring lap times aren't that important. They're a fun bragging right, but there's much more that's important about cars than raw times. We're just giving the Mini a hard time because, well, if you're going to throw a time in someone's face every time they hop in the car, maybe you should make sure it's truly impressive. But we're sure the GP will be a riot, and we can't wait for more details and the opportunity to drive one.