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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 fesses up to Countryman clutch issue, plans fix

Aside from the general lack of snow in the Midwest earlier this year that hampered our ability to properly play with our Blizzak-equipped Mini Contryman long-term test vehicle, the biggest problem we had with this crossover during the year we spent with it was the transmission. On four different monthly updates (September, October, November and June), all in the hands of different Autoblog editors, the Countryman's clutch was called out for being too finicky, leading to many stall outs. Apparently, we weren't alone in our assessment of the Countryman's clutch woes.
According to MotoringFile, Mini has updated the Countryman with a different clutch material and improved software. This much-needed change is being implemented starting this month, but Mini hasn't said what it is doing about existing 2011 and 2012 Countryman models that are afflicted with this problem.
Head over to MotoringFile to see the full official statement from Mini USA on this issue.

Ultimate Mini Clubman — the 'Final Edition' — will land in the U.S.

Mini has confirmed that its “Final Edition” version of the Clubman model will be offered in the United States, but itÂ’s no bargain basement edition: the price is $47,145, including $995 destination. While “final” is a tricky adjective to place in the automotive lexicon — sometimes something “final” isnÂ’t really that — Mini says that fewer than 100 examples of this loaded version will be available to U.S. customers. Production is to begin in September. The broader range of the Clubman, however, will be available until next February Â… and thatÂ’s final, Clubman-wise. The car is based off of the Mini Cooper S Clubman All4. While other destinations for the Final Edition may get other trims and power trains, the “S” model with all-wheel drive is the choice in the States, says Mini. Not surprisingly, no manual transmission is offered. Color choices are Enigmatic Black, Melting Silver and Nanuq White. Those base hues are accented by Shimmer Copper trim on the grille and fender vents, as well as three stripes running up the passenger's side of the hood. Another three Shimmer Copper stripes run along the lower sides underlining the "1 of 1969" badge on the C-pillar. The same badge can also be found on the side of the C-Pillar “to boast its stand-out personality” on the outside.   The standard Connected Media equipment includes an 8.8-inch touch display in the central instrument, the Mini Online digital service, Remote Services and smartphone integration for using Apple CarPlay and other apps via the vehicle's own control system. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Mini Hardtop winter testing footage before unveiling