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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 juices up Convertible with John Cooper Works model

Almost one year ago today, we caught our first and only look at the new Mini John Cooper Works Convertible, courtesy of a set of spy photos. Now, the new hot droptop has arrived, and no surprise, it's basically the same thing as the JCW Hardtop. The new model blends the standard three-door hardtop's 2.0-liter, 228-horsepower, 236-pound-foot, four-cylinder with the folding canvas roof of the new Mini Convertible, which debuted in October of last year. Available with a standard six-speed manual or an optional six-speed automatic, the three-pedal JCW Convertible will hit 60 in 6.4 seconds while the two-pedal will do the run a tenth of a second faster. The brawnier powertrain is backed up by a standard sport suspension – dynamic damper control is an optional extra – and convertible-specific chassis enhancements, including a new stiffening plate underneath the engine. To bring proceedings to a halt even quicker, Mini attached JCW-specific Brembo brakes. There's also the usual array of interior and exterior enhancements. Outside, there's a sportier body kit, standard, JCW-specific 17-inch wheels (or optional 18s), and standard LED headlamps. We're aching to try out the new JCW sport seats, which feature a fixed headrest and some serious bolstering. They're also rocking a pretty nifty black-and-red color scheme. Mini has paired its latest announcement with a full pricing release for the Cooper, Cooper S, and JCW Convertibles. Adding the softtop kicks up the price $5,000 to $5,500, with the base model starting at $26,800. The S model just barely cracks the $30,000 mark, coming in at $30,450, while the Works model is $36,450. That, friends, is a lot of money, and you'll be putting it down before even dipping into Mini's deep options catalog. Read on for both official press releases from Mini. EXTREME DRIVING FUN, INTENSIVE OPEN-AIR PLEASURE: INTRODUCING THE NEW MINI JOHN COOPER WORKS CONVERTIBLE Woodcliff Lake, NJ – January 14, 2016... When passion for motor racing is the driving force and intense open-air pleasure the goal, the new MINI John Cooper Works Convertible takes the ideal line from the word go. The second John Cooper Works model of the latest generation combines engine and suspension technology optimized for use on the race track with distinctive design and equipment features as well as the extensively refined qualities of the new MINI Convertible.

EPA: Four 2014 Mini Cooper models need to drop mpg numbers

After the huge problems that Hyundai/Kia experienced with its mislabeled fuel economy labels, you'd think that any time an automaker has to adjust its mpg numbers, heralds would be shouting from the rooftops. But, after Ford admitted to three big mistakes with its numbers for the 2013 C-Max Hybrid and Mercedes-Benz had to lower the fuel economy rating for the C-Class, we understand if those heralds are a bit tired by now. The models affected include the 3-door and the 3-door S. Still, today's news is that BMW has to lower the fuel efficiency numbers for four versions of the 2014 Mini Cooper thanks to an audit conducted by the EPA and then some joint re-testing. The models affected include the 3-door with the 1.5-liter engine and the 3-door S with its 2.0-liter powerplant, with both manual and semi-automatic transmissions. As with the Benzes, the rating changes are not big ones, around one or two miles per gallon. The big exception is the manual S 3-door's highway number, which lost four mpg from 38 to 34. You can see all the numbers, new and old, in the press release below, but the EPA isn't saying what caused the problem this time. The Agency's new test procedures can't come fast enough. It should be noted that the 2015 Mini Cooper was recently delayed a bit because of the extra time it took to get the EPA numbers right. There's no confirmation that these two items are connected, but we would not be surprised to hear they were. EPA Requiring BMW to Correct Fuel Economy Labels for Four Mini Cooper Vehicles Washington - The U.S. Environmental Protection Agency (EPA) is revising estimates for four 2014 BMW Mini Cooper vehicles to ensure consumers are given accurate fuel economy values. The EPA performed a fuel economy audit on the BMW Mini Cooper and obtained values that differed from those BMW submitted to EPA for certification. With EPA oversight, BMW conducted new emissions and fuel economy testing, and EPA conducted its own testing at its National Vehicle and Fuel Emissions Laboratory in Ann Arbor, Michigan. As a result of this subsequent testing, EPA is requiring BMW to relabel four of its 2014 Mini Cooper models with lower fuel economy values. The specific changes to fuel economy stickers are listed in the table below.