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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.

Next electric Mini Cooper due out in 2024 with a lot more range

The next-generation Mini Hardtop is expected to make its global debut in the not-too-distant future. The hatchback will be offered with gasoline- and battery-powered drivetrains, and a new report provides preliminary specifications about the electric model. One of the more significant changes will appear in advertisements and other promotional material: while the hatchback is officially known as the Hardtop in the United States and the Hatch in England, its successor will adopt the Cooper nameplate. We'll need to be patient to see how the Mini has evolved from a visual perspective but company boss Stephanie Wurst told British magazine Autocar that designers have taken it "back to its roots." It's not expected to grow in length but it will be wider than its predecessor and it will ride on a longer wheelbase. Made in China via a joint-venture with Great Wall Motors, the electric, two-door-only Cooper will be available with either a 40- or a 54-kilowatt-hour lithium-ion battery pack. Those figures correspond to the global-market model; details about the American-market car haven't been released. Range will check in at 240 miles for the smaller pack, according to Autocar, and the standard model will put 181 horsepower under the driver's right foot. Buyers who need more will be asked to step up to the Cooper SE, which will be rated at 215 horsepower.  In comparison, the current Cooper SE has 181 horsepower, about 110 miles of driving range, and a 32.6-kilowatt-hour battery pack. Made in England, the gasoline-powered Cooper hasn't been detailed yet. Autocar learned that there's a good chance the model will only be offered with an automatic transmission, so get a stick now while you still can. Front-wheel-drive will continue to come standard. We'll hear more about the next Cooper in the coming months, but it's not the next new model that we'll see from Mini. The third-generation Countryman previewed earlier in 2023 is tentatively scheduled to enter production in Germany in late 2023; it will be available with gasoline- and battery-powered drivetrains as well. The electric Cooper will reportedly arrive in May 2024, about two months before its gasoline-burning counterpart, so it will go on sale here in time for the 2025 model year. When it lands, it will compete in the same segment as the Fiat 500e. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mini marks International Women's Day with Pat Moss Edition

Mini is celebrating International Women's Day with a new Pat Moss Edition package for the 2023 Mini Cooper. Moss was the first driver to win an international rally behind the wheel of a car wearing the Mini badge when she took first place in the Tulip Rally — from Noordwijk in the Netherlands to the French Riviera and back again — in 1962.  "This special edition not only commemorates the launch of MINIÂ’s extraordinary sporting career, but it also marks a pioneering achievement for women in motorsports," Mini said in its announcement. "Success in the Netherlands turned the classic Mini, Pat Moss and her co-driver Ann Wisdom into enduring heroines in a discipline otherwise dominated by both significantly larger vehicles, and male driving teams." Moss was the sister of Stirling Moss; she died in 2008. This appearance package includes Pat Moss signature decals on the front bumper (where Moss originally signed the car after one of its rally victories) and dash, stylized tulips integrated into the side markers, sill plates, steering wheel and wheel center caps, a fender decal detailing the Tulip Rally course and a decal on the hood commemorating the original rally victor's registration number.  To the left of the wheel, there's another decal on the dash which might at first appear to be a stylized picket fence, but it's actually meant to look like pistons moving up and down, arranged to look like the letters "M" and "W" for "Moss" and "Wisdom."  Globally, Mini will offer the Pat Moss Edition on the Cooper S Hardtop 2-door, a Cooper S Hardtop 4-door, and a John Cooper Works Hardtop, but only the JCW will be an option for U.S. customers. Pricing will be available closer to launch, we're told, but the Pat Moss edition is limited to just 800 units worldwide and given that it's based on the JCW's existing Iconic trim, which starts at about $40,000, it won't be cheap.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.