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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.

Mini stretches out with new Hardtop 4 door [w/video] [UPDATE]

UPDATE: Information on US availability, specification and nomenclature added to the updated text below.
Few automakers have managed to spin off as many variants of essentially one vehicle as Mini has. The second generation produced even more versions than the first, and now that the third generation is upon us, the process is starting all over again. The jury may still be out on whether parent company BMW will roll out as many body-styles of this latest Mini as it did with the last, but here's our first indication.
Following the introduction of the new three-door Mini hatchback at the LA Auto Show, the Anglo-Saxon marque has introduced a new five-door model. Or four-door, depending on which Mini office you're speaking to: while this new model - an addition to the lineup and not a direct replacement for anything previously offered - is called the Mini 5 door by the factory, here in the US it's called the Mini Hardtop 4 door. Whatever you call it, though, this new Mini is essentially the same as the three-door model (or two-door model with a tailgate), only with - you guessed it - two extra doors. The new Clubman will be a separate model altogether.

2020 Mini Cooper SE gets a range estimate for America, and it's not great

After getting output and pricing details on the 2020 Mini Cooper SE electric hatchback over the past few months, we now get the critical range part of the equation, and it's disappointing. Mini only estimates 110 miles on a charge for the SE. That number isn't final, as the EPA hasn't published its official number, but we wouldn't expect it to go up or down by much. This number is also lower than the European estimate of 146 to 168 miles, but we were expecting a lower range for the States, if not quite that low. This means that the Mini Cooper SE will have a significant range disadvantage against similarly-priced competitors such as the Nissan Leaf and Hyundai Ioniq Electric. Both have base prices only a few hundred to a thousand dollars more than the Mini. The Leaf has a range of 150 miles, and the Ioniq's range has been boosted to 170 miles. Both cars are significantly less powerful, though, with the Leaf making 147 horsepower, and the Ioniq making 134 horsepower. The Mini Cooper SE's electric motor sends 181 horsepower and 199 pound-feet of torque to the front wheels. Besides the range estimate, Mini has revealed more details about trim levels and equipment. The base trim is called Signature and starts at $30,750. It includes a 6.5-inch infotainment display with Apple CarPlay, heated seats, LED lights and a new instrument panel screen, instead of an analog dial. In the middle is the Signature Plus at $34,750, and it adds parking sensors, sunroof, power-folding mirrors, extra ambient lighting and an upgraded sound system. Both of these trims are available in five colors including black, white, gray, red and green. The top level is the Iconic, which starts at $37,750 and further adds some interior trim and a larger 8.8-inch infotainment system with navigation. It gets a sixth color option of a dark blue, as well. The Mini Cooper SE will be eligible for the full $7,500 federal EV tax credit, as well as local tax incentives, so that will of course bring the final price down.