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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.

Get lost in Evo's sublime 2013 Car of the Year testing

Every year Evo stages its Car of the Year test, bringing the best performance cars in the world to one location for an epic shootout. This year the magazine pitted eight CotY finalists against each other on Route Napoleon in Southern France - Evo claims it's the "best road in the world" - and then proceeded to nitpick the smallest of faults on each car until the winner could be named. You see, this year's lineup of machines was just so good that only one car obviously wasn't CotY material from the get-go. Can you guess which one judging from the list below?
- Aston Martin V12 Vantage S
- Audi R8 V10 Plus

Driver in the UK moves an ambulance just to free up a parking space

Finding a parking spot in a populated area can be a huge hassle. Drivers will circle a parking lot or a street a half dozen times, sometimes following a pedestrian like a lion hunting its prey in the hopes that that person will free up a spot. That said, there is no excuse for the guy who allegedly moved an ambulance in order to free up a parking space. According to Yahoo News, a driver in the UK got behind the wheel of an ambulance while paramedics were treating a victim in the back so he could park his Mini Cooper in a space that was being blocked. According to the paramedics, they didn't communicate at all with the Mini driver. The patient suffered "distress and discomfort" but was otherwise unaffected. Unfortunately, police are still trying to find the driver. While we can't do much from Michigan, we can provide a brief description. The suspect is a white male with dark hair in his 50s that stands about 5 feet 10 inches tall. The Cooper had a license plate that starts with RJ60. If you have any information, call the police in the UK at 101 or Crimestoppers anonymously on 0800 555 111. Related Video: News Source: Yahoo! NewsImage Credit: Getty Read This MINI