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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.

2023 Mini John Cooper Works 1 to 6 Edition priced at $46,295

In May, Mini showed the Mini John Cooper Works 1 to 6 Edition. It memorializes Mini racing and the "pure essence of motorsport" as a JCW with a six-speed manual transmission, hence the 1 to 6 name. Copying the formula for the Clubman Final Edition, the 1 to 6 is almost only special badges, colors and materials; there's little more to this than a retail Mini JCW with a stick shift and three more horsepower. For that, Mini has added a nominal premium of $2,500. However, product planners have made the John Cooper Works in Iconic trim the canvas for this art, so the base price starts at $43,795 before any additional treats. This brings the price before options to $46,295.  The good news after that is that there aren't many other options to add. The Iconic trim throws heaps of equipment at the car, the special edition layout locks in colors and fabrics. The hatchback comes in Midnight Black body paint ornamented with a black roof. Piano Black accents are found on the grille surround, side scuttles and waistline finisher. The 18-inch Circuit Spoke rims come in Jet Black. The gray bonnet stripe is composed of shift pattern line drawings, the same shift pattern showing up on the tailgate in black. Red, white and silver 1 to 6 badges appear on the side scuttles and C-pillars. The black and gray interior shows off an anthracite-colored headliner, illuminated red bezel for the instrument cluster, red ambient lighting, badged floor mats and, of course, the stick shift with special stitching. "One of 999" appears in places like the sunroof, steering wheel and instrument panel. If Mini will allow add-ons, the configurator on the retail site shows the only tweaks left are convenience features like adaptive cruise control for $500 and utilities like roof rails for $250. The 999 examples for global buyers are being served up on a first-come-first-serve basis. Preorders are open now, a $500 deposit holds a place in line. Deposits are expected to start in Q3 this year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 28 Women Stuff Into a Mini, Set Guinness World Record! | Autoblog

Mini Yours parts-ordering service lets you personalize your car

Mini is stealing a page from more upmarket luxury brands by offering customers the opportunity to add individualized parts starting next year. The Mini Yours Customised service will let owners create and order customized side scuttles, dashboard trim panels, and LED-projected door sills and door projectors that illuminate a welcome design or message or their choosing, all via a configurator on an Online Shop. Customers will be able to choose different colors, patterns, surface finishes, icons, texts and even their own signature into the designs. Imagine customizing your Hardtop to read "Melissa's Mini" or maybe "Willyz Wheelz." The custom parts will be manufactured in Germany using 3D printing and laser etching, then delivered within a few weeks. They can then be installed either by the customer or a Mini dealer. If the vehicle is sold to someone else, the new owner can order new custom designs. Mini says the service will be made available over the course of 2018 "in Europe and other large markets," presumably including the U.S., though Autoblog is seeking clarification on that point. Mini says the move is in keeping with the spirit of individualization the brand is known for. "This unparalleled freedom of design allows customers to transform their Mini into a unique special defined by their personal style and their own creativity," the company said in a release.Related Video: