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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 Competition Edition: 'ultimate version' of M5

BMW isn't waiting to see how much power the upcoming Mercedes-AMG E63 will have and is firmly placing itself at the top of the performance list with a new edition of the M5. BMW claims the M5 Competition Edition is the ultimate version of the sedan and will be limited to 200 models. BMW has confirmed that the vehicle will only be sold in Europe, which makes sense as the automaker just announced a US-only edition. The Competition Edition utilizes the same platform as the M5 with the Competition Package. The M5's twin-turbocharged 4.4-liter V8 receives an updated ECU and an increase in boost pressure for 40 more horsepower and 16 pound-feet of torque. The special edition now puts out 600 hp and 516 lb.-ft. of torque. With the M dual-clutch transmission as standard, the sedan takes 3.9 seconds to get to 62 mph from a standstill. The M5 Competition Edition also benefits from all of the go-fast goodies found in the Competition Package, which include: a recalibrated differential, special steering calibration, a reprogrammed M chassis control system, and an upgraded and lowered suspension. The limited-edition model will be finished in two body colors, Carbon Black and Mineral White, both of which are metallic, while the exterior is adorned with carbon fiber. The rear diffuser, spoiler, and mirror caps are all finished in carbon fiber, with the kidney grilles and side gills wear a "M5 Competition" badge. A unique set of black wheels wrapped in performance tires rounds out the exterior touches. On the inside, the M5 Competition Edition is finished in Merino Black leather with contrast stitching in Opal White. Even the floor mats, which are black, have Merino Opal White bordering. "///M5" is prominently embroidered on the performance seats' headrests, while the carbon-fiber interior trim bears a plaque (one to 200) to indicate the vehicle's limited quantity. All of the special editions will come with a Bang & Olufsen stereo system in addition to a host of high-tech features. The M5 Competition Edition is currently available for approximately $142,696 or roughly $42,000 over a M5 with the Competition Package. Related Video: Featured Gallery 2016 BMW M5 Competition Edition News Source: BMWImage Credit: BMW BMW Special and Limited Editions Performance Sedan limited edition

BMW i8 will be first production car to use Gorilla Glass

What do smartphones and the BMW i8 have in common? Glass. Scratch-resistant Gorilla Glass, that is. The i8 will be the first production car to use the chemically hardened material, which is more durable, lighter and provides more sound deadening than conventional laminated automotive glass. We thought it would be a natural replacement for windshields, but, according to Autoweek, BMW said it will be used for the rear window for sound deadening purposes. The Gorilla Glass will still be laminated, with two 0.7mm thick layers of it sandwiching an acoustic sheet, reports Autoevolution.
BMW reportedly claims the i8 will weigh less than 3,285 pounds, and to offset the heavy hybrid powertrain to reach that goal the automaker has implemented lightweight materials normally not found in mass-production automobiles. With a carbon fiber reinforced plastic (CFRP) monocoque used for both the (relatively) pedestrian i3 and the upscale i8, it's not surprising BMW was also the first to jump onto Gorilla Glass, especially given the timing of a report that a high-end automaker would introduce it within the year.
Be sure to check out our First Drive review of the i8 to see if BMW's newest sports car is living up to the hype.