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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.

David Brown's most powerful Mini Remastered has racing in its genes

David Brown Automotive detailed its latest Remastered build, which explores the Mini's vast racing heritage. Created jointly with Oselli, the resto-modded city car gains a more powerful engine, a long list of updates that racers in the 1960s could only dream of, and a handful of styling tweaks that set it apart from an unmodified Mini. Most of David Brown's builds have focused on adding luxury, comfort, and convenience to one of England's best-known cars. With decades of experience in building race cars, Oselli brings a healthy dose of performance. The transformation starts under the hood, where power comes from a twin-carbureted, 1.5-liter four-cylinder tuned to develop 125 horsepower and 113 pound-feet of torque. David Brown quotes a 7.8-second sprint to 62 mph. Context is useful: the original Mini retired in 2000 with a fuel-injected, 1.3-liter version of this engine (called A Series) rated at 62 horsepower and 70 pound-feet of torque. Many examples built in the 1960s and the 1970s got an 848cc four rated at a measly 34 horsepower, and the modern-day Hardtop's entry-level engine is a 1.5-liter turbocharged triple that puts 134 horses under the driver's right foot. Put another way, 125 is a lot of horsepower for an old Mini. Oselli dropped the 1.5-liter engine on top of (and not next to; it's one of the Mini's quirks) a redesigned five-speed manual transmission that spins the front wheels. AP Racing four-piston front brake calipers and aluminum rear drums keep the power in check, while Bilstein struts amplify the go-kart like handling the old Mini is known for. Subtlety isn't part of the Oselli's vocabulary. Its free-flowing exhaust system makes it louder than a standard Mini, and it turns heads with black exterior accents, racing stripes, LED headlights, and a mesh grille with integrated driving lights. 13-inch alloy wheels come standard; they're available in either graphite or gold. Inside, David Brown added sport seats for the front passengers, an Alcantara-upholstered Sabelt steering wheel, and a Pioneer infotainment system with Bluetooth connectivity. Power steering, USB ports, air conditioning (which, oddly, blows through vents that look like they're from a Mercedes-Benz), and power-operated windows are standard.  David Brown will make only 60 numbered units of the Oselli Edition, and deliveries are scheduled to start in early 2022.

U.S. issues new tariff threat, this time against British-built cars

WASHINGTON — Britain is the United States' closest ally but their long friendship may be sorely tested as the two countries try to forge a new trade agreement after Britain's exit from the European Union. U.S. Treasury Secretary Steven Mnuchin said on Saturday in London that he was optimistic that a bilateral deal with Britain could be reached as soon as this year. But Mnuchin gave up no ground after a second meeting with his UK counterpart, Sajid Javid. Javid has insisted that Britain will proceed with a unilateral digital services tax, despite a U.S. threat to levy retaliatory tariffs on British-made autos. Mnuchin told reporters after Saturday's meeting that such taxes would discriminate against big U.S. tech companies like Alphabet Inc's Google, Apple, Facebook and Amazon. The UK Treasury declined to comment on the private meeting. The divide highlights the challenges ahead as the Trump administration seeks a new bilateral agreement with Britain, part of a broader push to rebalance relations with nearly all its major trading partners. The stakes are high — British Prime Minister Boris Johnson has pegged the trade deal with United States as a way to ease the pain of breaking with Europe, Britain's largest trade partner. U.S. President Donald Trump, has promised a "massive" trade deal to support Brexit, the product of a populist movement similar to his "America First" agenda. The goodwill and special relationship the two countries have enjoyed for decades may not count for much, experts say. "Trump is not going to be doing Johnson any favors," said Amanda Sloat, a senior fellow with the Brookings Institution in Washington. "He's not going to give him a trade deal without major concessions." Even before the digital tax issue arose, the Trump administration threatened to tax foreign car imports, which could hit British-made Jaguar, Land Rover, Mini, and Honda Civic hatchback cars. Stiff U.S. trade demands include increased access for U.S. farm goods, concessions that will be difficult for Britain's entrenched natural food culture to swallow. The United States also wants Britain to change the way its National Health Service prices drugs and allow in more U.S. pharmaceuticals, which could prove politically unpopular for Johnson's government. Washington's demand that London block Chinese telecoms equipment maker Huawei Technologies Co Ltd for national security reasons could also cloud talks.