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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.

2020 Mini Clubman John Cooper Works First Drive | Personality at a price

An abundance of power isn’t typically associated with products named Mini Cooper. Even the John Cooper Works (JCW) editions have most recently been making do with 228 horsepower from their turbocharged four-cylinder engines. ThatÂ’s plenty to feel quick and sprightly, but drag races still havenÂ’t been kind to high-performance Minis. Things are different with the 2020 Mini Clubman John Cooper Works. It has a 2.0-liter turbocharged four-cylinder that makes a rowdy 301 horsepower and 331 pound-feet of torque. ThatÂ’s good for a 0-60 mph run of just 4.6 seconds, which is sufficiently spicy for our tastes. This being the Clubman, itÂ’s more of a pocket rocket that doesnÂ’t quite fit in your pocket. Its four doors and quirky barn door hatch opening gives it far more utility than the much smaller two- and four-door Hardtops. Still, the Clubman is a small car, based off a BMW platform that underpins a variety of BMW Group front-drive-based cars and SUVs. From a size and shape perspective, itÂ’s most like the BMW X2. The quick X2 M35i and JCW Clubman even share an engine. As weÂ’ve come to expect from John Cooper Works Minis, this new one is full of performance extras. The new engine has a stronger crankshaft, new pistons, connecting rods and a lower compression ratio (10.2 to 9.5) to better suit the increased boost pressure. A larger turbocharger is also fitted with a blow-off valve that Mini says contributes to its better response. The much more powerful engine is paired with a new JCW-specific exhaust that is livable when driving conservatively, but raucous and in your face once you dip into the throttle a little deeper. As standard, the JCW Clubman is paired with an eight-speed automatic transmission that brings launch control with it. No manual is available, and thatÂ’s a shame. Mini has kept the stick shift around for longer than many car companies, and its absence from the enthusiast-focused JCW Clubman is a big disappointment. ThereÂ’s a mechanical limited-slip differential up front integrated with the automatic transmission, allowing torque to be shifted from one wheel to the other should one begin to slip. On top of that, the JCW Clubman also comes standard with all-wheel drive. Like all-wheel drive Minis before it, if the front wheels are short on traction, power is instantly transferred rearward, but power is sent to the front as often as possible for efficiencyÂ’s sake.

John Cooper Works Mini rolls into Detroit, asks 'GTI who?'

Mini marched into the 2015 Detroit Auto Show and introduced its very own competitor to the Volkswagen GTI with new John Cooper Works Hardtop. Blessed with 228 horsepower and 236 pound-feet from its 2.0-liter, turbocharged four-cylinder, the new JCW should provide a more thrilling drive than the standard Cooper S (not that the 189-hp model lacked in terms of entertainment value). The 6.4-second sprint to 60 falls to 6.1 in the JCW, while owners should expect an even more agile handling experience courtesy of an uprated version of the Cooper S' sports suspension. Upgraded Brembo brakes, larger wheels and stickier tires and an electronic differential round out the performance upgrades, although Mini also paid significant attention to the aesthetics. A revised aero kit doesn't do the third-generation Works car many favors in the appearance department, but as both driver and front passengers will find themselves in a set of exclusive JCW sports seats, they'll probably be too comfortable and supportive to care. A JCW steering wheel, shift lever, door sills and instrument cluster tweaks mark the extent of the interior updates. Take a look at our full live gallery of images of the new JCW Mini direct from the floor of the 2015 Detroit Auto Show. The new MINI John Cooper Works. 10.12.2014 - Green light for the latest edition of the top athlete in the small car segment; the new MINI John Cooper Works combines authentic race feeling with the premium characteristics and extended product substance of the latest MINI Generation; distinctive, tradition-steeped, based on a vehicle concept combining MINI and John Cooper Works, with performance qualities which are exceptional within the competitive environment. - Extreme driving fun and exclusive charisma based on technology for engine, suspension and aerodynamics derived directly from motor racing as well as model-specific design features for the exterior and interior; greater differentiation from the MINI 3 door highlights the model's individual character.