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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.

2025 Mini Cooper and Cooper S hit the gas, raise the price

Mini's "Power of Choice" smorgasbord — its mix of gas, diesel, PHEV, and battery-electric powertrains — grows with these, the gas-powered 2025 Mini Cooper and Mini Cooper S. For the U.S. market S trim, we'll get a turbocharged 2.0-liter four-cylinder engine making 201 horsepower and 221 pound-feet of torque, able to get the hotter hatch from zero to 60 miles per hour in 6.3 seconds. These numbers represent improvements of 21 hp and 15 lb-ft over today's Cooper S, and a 60-mph sprint that's 0.1 second faster. Mini's refusing to share output figures for the standard Cooper that will use the same engine with lower gumption, preferring to wait until closer to launch. Other markets will slot a base turbocharged three-cylinder engine into the lineup, that mill making 154 hp and 170 lb-ft of torque. The current turbocharged 1.5-liter three-cylinder in the base U.S.-market Mini makes 134 hp and 162 lb-ft, so buyers are in for improvements no matter what market they're in and which engines they get. Outside of powertrain, the primary points line up with what we saw on the 2025 Mini Cooper E and SE, albeit with a touch more ornamentation because this hatch doesn't pray to the god of ultimate aero. That's how you get tweaks like curved door handles, a hem of black cladding that trims the wheel arches, and more texture applied to the rear bumper insert. The LED headlights and LED matrix taillights feature three customizable signatures called Classic, Favoured, and JCW, so you can choose your own adventure for your carÂ’s outward appearance and welcome illumination. Those are the three theme names for configuration, too. There will be three available roof colors, the Favoured theme adding the option of a multi-hued roof with a three-color gradient. Down low, Mini plans to offer 17- and 18-inch aero wheels in the U.S. Our 16-inch wheels, like the three-cylinder, won't make it to the new model year, although other markets will get them. The cabin in the photo car possesses a little less razzle dazzle than the bright or patterned multi-tone textures seen in other reveal models. That can be addressed in the configurator with colors or with the optional Mini Experience Modes. The Modes use two projector units in the cabin ceiling to flash designs onto the instrument panel, as seen here. Relocating the gear selector to a steering column stalk has opened up space for the Wireless Charging Shelf 2.0 for smartphone charging.

2023 Mini Countryman caught in the wild in new spy photos

The redesigned Mini Countryman has been spotted testing in the wild. Expected to debut for the 2023 model year, this redesign is expected to produce a more future-proof SUV that may not be quite so "mini" anymore.  Yep, it looks big, and our spies said that impression carries over to real life. The next Countryman will again ride on a derivative of BMW's FAAR architecture dubbed UKL1, also shared with Land Rover. This is the same platform that underpins BMW's front-wheel-drive based X1 and X2 crossovers, and it will give the Countryman room for more people, more cargo and, most important, more tech -- powertrain tech, to be specific. This electrification-friendly platform should mean more-advanced hybridization and likely an all-electric model for the next-gen Countryman, building on the existing car's plug-in hybrid offering, which already gets a reasonably decent 18 miles on all-electric power, care of a 9.6-kWh battery. That's already 50% more than what the PHEV model launched with, so temper your expectations, but further improvement certainly isn't out of the question.  This is a far cry from the manual-transmission, all-wheel-drive Cooper super-hatch that debuted a decade ago. Yep, the Countryman nameplate is more than 10 years old now. Can you believe that? We should learn more about the new Mini Countryman sometime in the next year, ahead of what is expected to be a late 2022 or early 2023 launch. That could change, of course, given the current state of the world.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. MINI Electric Pacesetter inside and out