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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.

Car designer Frank Stephenson wants to show you something ... smaller

Influential car designer Frank Stephenson has often thought small. Now he’s thinking smaller. Throughout the past three decades, he has shaped — literally — some of the most indelible designs in automotive history: the modern Mini, the Ferrari FXX track star, the Maserati Gran Sport, a range of stunning McLarens and down to the funky 21st-century version of the Fiat 500. Now heÂ’s turned his pen to fashioning watches. His Cosmos analog piece, made to mirror “a black hole in space” and detailed “with an orange pinstripe which simulates the supernova glow of a neutron star,” features a Japan-built quartz movement and was created in concert with the Time Concepts company. “ItÂ’s the age-old adage ‘car people are watch people,Â’ so it was a natural step for me to get creative with timepieces too,” Stephenson said in a statement. “The collection showcases the love I have for exceptional and emotionally charged design, just like what is required in designing world class cars.” While Stephenson, who is 64, may be best known publicly for his vision of “affordable style” with the Mini and the Fiat, his ethos also translated to the utilitarian. In the case of BMW in the mid-1990s, the company was hustling to market an SUV, and turned to him for inspiration. His team had six months to complete the project. The result was the high-end X5, which Stephenson sketched during a two-hour flight. In 2018, Stephenson established the independent design company, Frank Stephenson Design, based in London. Related video: Design/Style BMW Ferrari Fiat Maserati McLaren MINI Gadgets watch frank stephenson

2025 Mini Cooper SE spy photos give us our best look yet

We've seen 2025 Mini Cooper Hardtops under heavy camouflage for a couple of years now, and even got a look at an undisguised one. But a spy photographer came across an uncovered example at a photo shoot in Los Angeles, and it's our best look at the little hatchback. This particular one is the Mini Cooper SE, which will be among the first of the new generation since it's electric. Like the current SE, it has a lime-green "S" badge. It seems like one of the few obvious cues that it's the sporty electric model, since the hood scoop has vanished. It retains a version of the extra large front grille surround of the current cars. The whole shape of the car, including the wraparound glass and contrasting roof, are very obviously Mini. There are interesting detail changes along the sides. The door handles are flush-fit like new BMWs. And the contrasting black plastic fender flares are gone, a trademark cue of Minis since their reintroduction to the U.S. in the early 2000s. There isn't even a nod to a front fender vent or badge, either. It's been simplified significantly. The tail also has big changes. The rear hatch encompasses the rear taillights. Those lights are triangular and still feature a Union Jack motif, but it's a little more obscured. A band with the model name joins the two across the hatch. This new Mini is expected to launch in May of next year. A base version with 181 horsepower and the SE with 215 horsepower are reportedly on the way, along with two battery packs with either 40 or 54 kWh. And there will be gas-powered versions, but they'll arrive a little later. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.