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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.

2022 Mini Hardtop spied with bigger grille

The current generation of Mini Hardtop and Convertible has been around since 2014, so it doesn't come as a big surprise that one of our spy photographers spotted a group of test cars sporting refreshed styling. These cars were all Mini Cooper S or Mini John Cooper Works models, and the mild styling tweaks make us believe these updates will be applied to the 2022 Mini Hardtop and Convertible lines, with small changes for different trims. One shot of a few Minis shows one of them wearing no camouflage at all. While the angle isn't ideal, there's still plenty we can make out. It appears to be a John Cooper Works based on the particularly large lower and outboard grilles. It seems to have a John Cooper Works badge in the side of the grille with black tape over it, too. The main grille is noticeably larger than that of the current model. It also adopts a mesh pattern over the whole surface. There's still a bar dividing the grille, but the division is less distinct than on the current car. We can also see this version gets a pronounced front splitter. The other cars in these shots have more thoroughly disguised front and rear ends. The larger main grille does seem to show through, as well as more lower grille area. At the back, the updated Mini has a wider diffuser area, and immediately above it is a set of vents that span the same width. This seems to be a John Cooper Works since it looks fairly aggressive with large center exhaust tips. The regular Hardtop and Convertible models will probably have more toned down versions of this bumper without the center exhaust. Since these are relatively minor styling updates, we expect them to show up on the 2022 Hardtop and Convertible variants. They could be accompanied by powertrain and feature changes, too. In fact, reports have said that there could be a smaller Hardtop model that's electric-only coming around 2022, with this refreshed version sticking around for a few years during the transition. Related Video:    

2021 Mini John Cooper Works GP spied in clearest photos yet

We suspect we won't have long to wait until we see the new Mini John Cooper Works GP. Why? Well, it seems Mini isn't trying very hard to hide the car. One of our spy photographers caught a prototype testing at the Nurburgring, and the camouflage, while creatively using race track outlines for the pattern, was not particularly effective. As such, we get our best look at the super Mini, and it looks wild. Although they've been tucked closer to the body and shortened, the GP still sports some wild vented overfenders at each corner like the concept. We're very curious what kind of aerodynamic advantage they provide. The front fascia has been toned down substantially and is fitted with much shorter spoilers, but what's left still blends into the front fenders. The rear fascia is similarly toned down with a far less extreme diffuser. But the rear wing is still over the top. It's arguably more interesting than the concept's since the wing is split in the middle. It also has a big "GP" embossed on each side of the wing. Since the Mini John Cooper Works GP Concept made its debut at the 2017 Frankfurt Motor Show, a production version's reveal at this year's Frankfurt show would be fitting. And considering how close to finished this prototype appears to be, plus Mini's announcement that it will go into production in 2020, a reveal in the early fall seems quite reasonable. It should be a monster of a hatchback, too, since Mini says it will have over 300 horsepower, challenging the likes of the Honda Civic Type R and Ford Focus RS.