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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.

'Why isn't he stopping?' Mini driver describes being pushed sideways by dump truck

Yesterday, a video out of Toronto made the rounds on social media. It was scary to watch, as a dump truck pushed a Mini sideways a half-kilometer (third of a mile). But there were no details about why this accident happened or who was involved. Today, we know more:   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Courtenay Erhardt, 26, is a nurse who was driving her Mini to a coronavirus vaccination site to administer shots to homeless people. She says she was waiting at a stoplight before heading up an onramp. “I was in front of him at that stoplight. We were both trying to get onto the Gardiner (Expressway)," she told the Toronto Star, which has a photo of Erhardt and a close-up look at the Mini stuck to the Kenworth's bumper. "He hit me from behind when we were merging." "[The dump truck] just sort of bumped my back rear-end and unfortunately I went sideways and the truck just continued to go up the ramp," Erhardt told CTV News Toronto. "I just remember holding my horn and my steering wheel and just screaming. Just like bawling and screaming. I honestly didn't know if my Mini was going to flip, or veer out into oncoming traffic on the Gardiner," she said. "I just remember thinking, 'Why isn't he stopping? Why is he still going?'" A couple in another car behind the truck saw smoke coming off the truck and knew something was wrong, Erhardt said. They pulled up alongside her, saw what was going on, then pulled ahead of the truck and forced it to stop. They called 911 and helped Erhardt escape her car. The truck driver, Erhardt said, emerged. “He said, ‘I didnÂ’t see youÂ’ and asked me not to call the cops. He asked if he could pay for the damages. He was young.” He has been charged with several offenses, Toronto police said.  Police Sgt. Murray Campbell released a statement to CTV saying, "Operators of large vehicles do not have the benefit of such lower/smaller vehicles, in their ability to see out of windows in all directions," implying the truck driver couldn't see the small car beneath his hood. Campbell advised motorists to make sure they can see truck drivers so the truck drivers can see them.  Which is good advice. That said, this truck driver surely felt that something was wrong — and heard the sounds that we can hear in the video. Erhardt, though terrified, was not injured. She credits the couple who helped her, along with the Mini Cooper.

China’s Great Wall looking to partner with BMW to sell cars in the West

The Chinese automaker Great Wall seems to have moved on from courting Fiat Chrysler. According to Reuters, the company announced in a stock exchange filing that it's looking to collaborate with BMW's Mini brand in some way. Reuters also reports that BMW is open to discussion. We reached out to a BMW representative, and he provided us with an official statement regarding the news. The company didn't specifically say it is talking with Great Wall. What it did say is that it has had success with its current partnership with another Chinese automaker Brilliance, but also that the company is interested in expanding the Mini brand worldwide and in China. The statement says that Mini's future strategy and expansion will include "diversification of partnerships and new cooperation models." It also said that expanding in China "is only possible with a local partner." That sounds to us like BMW is pretty interested in working with Great Wall. This move comes about a month and a half after Great Wall attempted to purchase parts of Fiat Chrysler. The company was reported to be talking to FCA to purchase the Jeep brand, and it later confirmed that it was interested in that brand, a few, or the whole company. But things seemed to fall apart when Fiat Chrysler's CEO Sergio Marchionne announced it hadn't received any offers and wasn't working on any kind of deal with another company. Now it may seem a little odd that Great Wall would shift from trying to buy an SUV brand, or a company that is beginning to concentrate on crossovers and trucks, to one that specializes in compact cars. After all, they're fairly different segments. Our theory is that Great Wall isn't necessarily interested in the specific products, but more that it's looking for a gateway to Western car markets. It's not something new for the company. As far back as 2013, the company made it clear it was looking to start selling cars in America. It also started looking into a manufacturing facility in Mexico earlier this year, which would supposedly supply vehicles to both Mexico and the U.S. Now when Great Wall announced its American sales intentions, it was targeting a date of 2015. That obviously didn't happen, and it probably has something to do with the company's products. Most of the cars under the Great Wall and Haval brands bear an uncanny appearance to discontinued models from other companies that compete in the West.