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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 i3 to start at $41,350*

With a week to go before the global debut of the BMW i3, BMW has announced pricing for its first-ever production electric vehicle. The all-electric version of the i3 goes on sale in the second quarter of next year with a starting price of $41,350 (*not including $925 for destination nor any applicable government tax credits).
Some of the pricing elements for the i3 that BMW continues to withhold are the cost of the model using a gasoline motorcycle engine as a range-extending generator, or that of the DC Fast Charge option. This latter feature will allow the i3's depleted lithium-ion battery pack to get an 80 percent charge in just 20 minutes; for comparison's sake, the DC quick charge feature is a $750 option on the 2014 Chevy Spark EV.
Sure, we've already driven the BMW i3, but the production version of the BMW EV - promising the interior space of a BMW 3 Series - will be unveiled next week at simultaneous ceremonies in New York, London and Beijing. Scroll down for BMW's brief press blast regarding its upcoming i3.

Dashcam catches oblivious car thief in the act

A car thief from North London became an overnight internet sensation when he was recorded making a phone call by a car's dashcam. According to The Guardian, an unidentified car thief stole the BMW i3 in the early hours of February 7. As he drove through the nearly deserted streets of the London borough of Enfield, he made a phone call to someone who may have been a potential buyer for the car. Unbeknownst to the thief, the car's dashcam was recording the entire time. The thief describes the car to the person on the other end of the call and tells them where he planned to park it – at his flat near North Middlesex Hospital. "Listen, I ain't never been in a car like this," the thief told his customer. "This car, will leave, anything for dust! It is off! It can move!" he shouts off-camera. He's not wrong. The little BMW i3 packs a electric motor that generates 125 kilowatts, or 170 horsepower and 184 pound-feet of torque in internal-combustion terms. The thief never got the chance to unload the car, however. The next day the car's owner located it via GPS tracking data and recovered his vehicle without incident. Dinah Rose, a friend of the BMW's owner, uploaded the dashcam footage to YouTube and tweeted about it on May 15. The video immediately went viral, garnering nearly 50,000 views in twenty-four hours. Since the vehicle was recovered without incident, London Metropolitan Police have no plans for further action or to track down the thief's identity. According to the Metropolitan Police's London crime figures, more than 71,000 motor vehicle crimes were reported in the city between March 2015 and March 2016. Of those reported crimes, 2,753 were reported in the borough of Enfield, where this incident occurred. Motor vehicle crimes are defined by the Metropolitan Police as theft of and from vehicles. Related Video: