2005 Mini Cooper S Hardtop on 2040-cars

Auto blog

BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

2016 Mini Convertible puts the tanning salon on wheels

Here's a basic tenet of the Mini product schedule – a new generation Mini Hardtop debuts and then, within a year or two, it's followed by a convertible variant. Considering this, the debut of the third-generation Convertible – less than two years after the third-gen hardtop – is right on schedule. Slated to arrive in dealers right in time for the start of the 2016 convertible season, the latest Mini Convertible doesn't really shock. It takes the same basic look below the beltline, and pairs it to a power-folding softtop that does a much better job of maintaining the Hardtop's iconic silhouette. That said, the size of that "C-pillar," for lack of a better phrase, is immense. We doubt this new model will do anything to improve on the last Convertible's awful blind spots. Mechanically, the soft top can be raised or lowered in just 18 seconds and at speeds of up to 18 miles per hour. Like the two generations of Convertible that came before it, this latest droptop uses the same engine lineup as the three-door model. For the standard Cooper, BMW/Mini's 1.5-liter, turbocharged triple is still offering up 134 horsepower, 162 pound-feet of torque, and a 0-60 time of 8.2 seconds with the automatic and 8.3 seconds with the manual. For the Cooper S, the 2.0-liter, turbocharged four-cylinder dishes out 189 hp and 207 lb-ft of torque, along with 0-60 times of between 6.7 and 6.8 seconds, depending on the transmission. Those gearboxes have also been plucked from the Hardtop models, with standard six-speed manuals and optional six-speed automatics, regardless of engine. Yep, that's right, the excellent eight-speed auto from the Mini Cooper S Clubman isn't being offered on the Cooper S Convertible. We've got a huge array of photos of the new Mini Convertible, which puts a particular emphasis on the handsome, droptop-specific Caribbean Aqua of the base Cooper. Check out the photos, and then scroll below for the official press release from Mini. Related Video: OPEN DRIVING EXCITEMENT: INTRODUCING THE NEW MINI CONVERTIBLE Open Driving Excitement: Introducing the New MINI Convertible Newest member of MINI lineup goes on sale in U.S. in March 2016 First open top MINI powered by BMW Group engine technology and architecture Woodcliff Lake, NJ – October 22, 2015 – MINI USA introduced today the newest addition to its iconic product line, the new MINI Convertible.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.