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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.

NHTSA, IIHS, and 20 automakers to make auto braking standard by 2022

The National Highway Traffic Safety Administration, the Insurance Institute for Highway Safety and virtually every automaker in the US domestic market have announced a pact to make automatic emergency braking standard by 2022. Here's the full rundown of companies involved: BMW, Fiat Chrysler Automobiles, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volkswagen, and Volvo (not to mention the brands that fall under each automaker's respective umbrella). Like we reported yesterday, AEB will be as ubiquitous in the future as traction and stability control are today. But the thing to note here is that this is not a governmental mandate. It's truly an agreement between automakers and the government, a fact that NHTSA claims will lead to widespread adoption three years sooner than a formal rule. That fact in itself should prevent up to 28,000 crashes and 12,000 injuries. The agreement will come into effect in two waves. For the majority of vehicles on the road – those with gross vehicle weights below 8,500 pounds – AEB will need to be standard equipment by September 1, 2022. Vehicles between 8,501 and 10,000 pounds will have an extra three years to offer AEB. "It's an exciting time for vehicle safety. By proactively making emergency braking systems standard equipment on their vehicles, these 20 automakers will help prevent thousands of crashes and save lives," said Secretary of Transportation Anthony Foxx said in an official statement. "It's a win for safety and a win for consumers." Read on for the official press release from NHTSA. Related Video: U.S. DOT and IIHS announce historic commitment of 20 automakers to make automatic emergency braking standard on new vehicles McLEAN, Va. – The U.S. Department of Transportation's National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety announced today a historic commitment by 20 automakers representing more than 99 percent of the U.S. auto market to make automatic emergency braking a standard feature on virtually all new cars no later than NHTSA's 2022 reporting year, which begins Sept 1, 2022. Automakers making the commitment are Audi, BMW, FCA US LLC, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Maserati, Mazda, Mercedes-Benz, Mitsubishi Motors, Nissan, Porsche, Subaru, Tesla Motors Inc., Toyota, Volkswagen and Volvo Car USA.

Will the Mini John Cooper Works GP get an electric sidekick?

Mini will beat most of its rivals to the burgeoning electric hot hatch segment by releasing a battery-powered variant of the John Cooper Works GP, according to a recent report. If the rumor is accurate, the British brand's second series-produced electric car will also become one of the quickest models it has ever put its name on. Enthusiast website Motoring File spotted what looks suspiciously like an electric John Cooper Works GP testing in Germany, and unnamed sources who are allegedly familiar with the company's plans confirmed the model is currently being evaluated. None of the insiders said the model has been confirmed for production, however. It's too early to tell what will power the electric GP, or how closely it will be related to the Cooper SE. We're curious to find out how Mini will offset the battery's weight; the gasoline-powered GP (pictured) tips the scale at 2,855 pounds, while the SE weighs in at 3,153 pounds. Granted, a generous amount of instant torque can help the hatchback overcome its extra pounds, but masking it on a twisty road will require serious chassis wizardry. If the rumor is true, we'll learn more about Mini's next electric model in the coming months. It might arrive in showrooms in 2022, likely priced above $50,000 and possibly as a limited-edition model. For context, the existing GP is limited to 3,000 units worldwide, and pricing starts at $45,750. Mini made its commitment to electrification clear when it pegged its future on crossovers, the Chinese market, and electric cars. It confirmed it's developing an electric crossover that will be about as big as the Countryman, and it stressed electrification will spread across its range in the coming years. It's not planning on ditching gasoline- and diesel-powered engines soon, though; it wants to give customers what it calls the power of choice. Who else is in the game? Electrification still hasn't reached hot hatch land, and Mini's rumored electric GP would be one of the first cars of its kind. Volkswagen has often hinted it wants to build a spicier version of the Golf-sized ID.3 sold in Europe, but we haven't seen the model yet; the firm is understandably allocating its resources to ramping up production of volume-oriented models, like the ID.4 crossover. Across the pond, Renault transformed the humble Zoe into a 460-horsepower, four-wheel drive superhatch in 2017, but the project fizzled before it spawned a production car.