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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.

2019 Mini Cooper JCW Knight Edition Drivers' Notes | Drama in a tiny package

The Mini Cooper John Cooper Works Hardtop is the most performance you can buy in a Mini. More powerful JCW Clubmans and Countrymans are over the horizon, but those are much larger cars. A two-door hardtop with a hatchback is the traditional Mini shape, and we were thrilled to have a go in it. Being the JCW, our tester was equipped with the 2.0-liter turbocharged four-cylinder that makes 228 horsepower and 236 pound-feet of torque. Those power figures aren’t tantalizing, but theyÂ’re enough to make this little car a real hoot to zip around town in. We also had the six-speed automatic, which costs $1,500 more than a manual — donÂ’t worry, the automatic is still fun. After adding options and the all-important Knights Edition package, the sticker was up to $42,565. That is far more expensive than a lot of cars with more performance than what this little Mini has to offer. However, the Mini lifestyle is about more than just performance — customizability is huge, allowing you to personalize your brand-new car to a much higher degree than competitors. Additionally, there are only going to be 150 Knights Edition models made, so youÂ’ll have a car that could be rather appealing to a Mini enthusiast in the future. Road Test Editor Reese Counts: I love hot hatches. Even in the hatchback-averse American market, there's a wide variety to choose from. There's the tried-and-true Volkswagen Golf GTI (I used to own a MkV), its more powerful all-wheel-drive Golf R sibling, the unfortunately styled but extremely fun Honda Civic Type R, and the soon-to-be-extinct (if possibly already) European-American hybrid Ford Focus RS. Few cars at any price point are as consistently fun as hot hatches. Good ones are always eager to play, even putting around town. The Mini Cooper JCW has always been one of the more wild of the bunch, a hopped-up version of the Cooper S that spits and pops and burbles like oil on a cast iron pan. Past models were for Mini enthusiasts that were willing to pay more for the most hardcore Cooper around. The current car debuted in 2015, and while I've driven a few current-gen Coopers, this is the first time I had a chance in a JCW. My complaints hold true — visibility isn't great and it's expensive for what you get — but it's a hell of a lot of fun and not nearly as punishing as I expected. The ride was pretty compliant on Detroit's moon-cratered streets, even with our tester's 17-inch wheels. It was firm, sure, but not nearly as bad as I'd heard.

Mini to open stick-shift driving school in California

Mini recently brought the manual transmission back to its line-up, and it wants as many people as possible to take advantage of it. It opened the Mini Manual Driving School at the BMW Performance Center in Thermal, California, to teach drivers of all ages how to drive a stick. You don't need to own a Mini to enroll in the company's driving school; the program is open to any and all motorists. It consists of a classroom portion, where students are presumably taught the basics of how to operate a manual transmission, and a hands-on driving experience, where they can apply what they learned in real-world conditions. It sure beats learning stick in downtown San Francisco. Mini notes the course will focus on vehicle controls, finding the clutch pedal's friction point, plus practicing smooth starts, stops, and acceleration. At the end of the course, the firm will test students on a timed course to ensure they're comfortable with driving a stick. Many drivers who don't know how to drive a manual car find it intimidating; this course was designed to make the stick-shift approachable. Autoblog learned from Mini that courses will start in the first quarter of 2023 and that dates will be set based on the number of bookings received; it's too early to provide a more specific schedule. Pricing hasn't been set yet. Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. MINI Driving Ownership Safety Hatchback