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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.

BMW 2 Series specs leaked?

Thanks to spy shots from earlier in the year, we already know what the new BMW 2 Series will look like, but now we know a lot more about the coupe courtesy of an apparent BMW South Africa error and some quick-clicking enthusiasts. Though the information no longer appears to be posted on BMW's South African website, 2addicts.com managed to grab most of the details for the new coupe, including the model lineup, specs and most (if not all) of the options list for the upcoming replacement for the 1 Series.
Just like the latest 3 Series, the 2 Series model lineup starts at the 220i powered by a 2.0-liter inline four-cylinder, but the more exciting BMW figures to be the M235i with its 320-hp, 3.0-liter straight-six. With the automatic transmission, the info says that the M235i weights 3,240 pounds and will be able to accelerate from 0-62 miles per hour in 4.8 seconds - making it both lighter and quicker than the 135is currently offered in the US. The base 220i coupe should also be fun to drive with its 180 horsepower and sub-3,000 pound curb weight.
A quick side-by-side comparison of the dimensions for the base 220i with our current base 128i shows that the new coupe rides on a longer wheelbase (105.9 in. vs. 104.7 in.), is about two inches longer (174.4 in. vs. 172.2 in.) and is an inch wider (69.8 in. vs. 68.8 in.). 2addicts.com even shows available paint colors, interior trim options and lists pricing for South African-spec models. Head on over to the forum to check out all the info they have posted, but we expect the 2 Series to be unveiled at the Detroit Auto Show early next year.

BMW to finally put i8 Spyder into production

The BMW i8 Spyder might finally see production. The vehicle debuted in concept form over three years ago, but despite the coupe version having long since arrived in showrooms, the convertible has been nowhere to be seen. According to the latest reports from Germany, however, that's about to change. According to Automotive News, the company's new chief executive Harald Krueger told German publication Handelsblatt that we'll soon see the BMW i8 Spyder in production form. The prospect of open-air motoring under prodigious amounts of electric power sounds enticing, however we'll have to wait and see just what sort of roof mechanism the production model incorporates. The concept had removable roof panels, however the manufacturer tends to favor automatic roof setups – hardtops in the Z4 and 4 Series, or soft tops in the 2 Series and 6 Series. Around the same time, BMW could introduce a power upgrade in the form of a larger internal combustion engine and a higher-capacity battery to go with it. A 2.0-liter turbo four is tipped to slot in where the current three-pot sits, bringing output up to a solid 450 hp – and with a longer range to boot. If those upgrades to arrive – with or independent of the open-roof version – expect them to be implemented on the coupe as well as the roadster.