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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.

Mini Cooper Hardtop will soon receive its biggest makeover in two decades

Now well into its third generation, Mini's retro-styled Hardtop has been around since BMW rebooted the brand 20 years ago. Stylists and engineers are working on the fourth-generation model, and the company revealed the cheeky hatchback is in line to receive its most significant makeover to date. Mini boss Bernd Korber told Autocar that the project's motto was "don't screw with an icon," which means the fourth-generation Hardtop will keep the heritage-inspired design that has characterized it for the past two decades. And yet, it will be drastically different than the model that's currently in showrooms. It will be smaller, though it likely won't be as tiny as the original Mini from 1959, and it will showcase a purer approach to design. The idea of a smaller, lighter Mini has us wondering if the new Hardtop could take some inspiration from the 2011 Rocketman concept. "What you'll see in 2023 is that we've clearly modernized it by taking a big step -- the biggest step in the last 20 years -- but it will be unmistakably a Mini," Korber affirmed. He said the Hardtop is to the Mini brand what the 911 is to Porsche; it's the stylistic cornerstone of the range, the model that sets the beat that other models dance to. Balancing the need to move the Hardtop forward with the desire to honor tradition is a challenging task, according to the brand. We don't know where its stylists drew the line yet, or whether the next-generation Hardtop will borrow styling cues from other cars in the company's past, like the square-front Clubman launched in 1969. Mini told Autocar it's defined by more than design; it cited proportions, a compact feel, and a friendly personality as key ingredients in the Hardtop's recipe, which hints at what to expect -- and, significantly, what not to expect. Mini shifted the Hardtop's evolution into high gear several years ago.  "Mini started out as a brand that was very clean in terms of design. There were only four switches and one dial [inside]. We somehow moved away from that, because so many more functionalities have entered the vehicle. Let's say that would be our goal, to arrive back at something that would be as clean and simple as the original but offers the modern technology and safety features of today's cars," BMW Group design director Adrian van Hooydonk told us in 2018. "Bigger changes are around the corner, but it will still be a little bit retro," he added.

Question of the Day: What's the greatest British car ever?

The British automotive industry has produced everything from high-production econo-commuters to staggeringly luxurious oligarch-wagons, along the way winning plenty of races and building plenty of beautiful machines. The original Mini led directly to the past half-century of transverse-engine, front-wheel-drive cars built everywhere, the MGB put the sporty little convertible into everyone's reach, and the Morris Oxford became the most beloved motor vehicle in India. So many to choose from, but we want you to pick one. What will it be? Related Video: