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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.

2021 Mini John Cooper Works GP First Drive | Loud, harsh, expensive, hilariously fun

The Mini John Cooper Works GP has always represented the pinnacle of Mini performance. It’s the most-powerful, lightest and most uncompromising in its pursuit of going fast. And it has never hidden that purpose, wearing bold bodywork to convey its seriousness. Even with a reused powertrain and no manual transmission option, the new 2021 Mini John Cooper Works GP delivers the raw, entertaining driving experience you would expect. As such, it should be a treat for Mini fans, but for the brand agnostic, there are better hot hatch options. From the outside, this Mini GP is the most radical of all. It pulls its design straight from a Frankfurt Motor Show concept complete with unique carbon fiber fender flares that stand proud from the actual fenders. The rear wing is bigger than ever and bisected in the middle. Contrasting the dark gray paint are bright red accents and stripes. It looks remarkably menacing, which is impressive for such a cute little car. Matching the appearances is the GPÂ’s output. It shares the same engine and transmission with the John Cooper Works Countryman and Clubman, and thus the same mantle of being most powerful Mini in history with 301 horsepower and 331 pound-feet of torque. The GP feels substantially more potent, though, since the engine has just 2,855 pounds to haul around ­-- that's nearly 800 pounds less than the next-lightest Clubman JCW with the same engine. For further comparison, the regular Cooper S Hardtop weighs about the same yet has only 189 horsepower. Combined with a smooth, fast-spooling turbo, the GP rockets all over the place. And if youÂ’re not keeping a firm grasp of the wheel, your steering could be all over the place, too. Plant your foot and the wheel starts wriggling as torque steer rears its head. ItÂ’s uncouth, uncivilized, but also kind of fun if youÂ’re up for a ragged experience. Perhaps not so much if you were looking for a precision instrument to combat the Civic Type R and Veloster N. Further differentiating the Mini from those hot hatches is the GPÂ’s sole eight-speed automatic transmission option. No, itÂ’s not as engaging as a six-speed manual would be, and yes, it's a step behind the best DCTs and other automatics. However, it shifts smoothly and quickly with smart shift logic in normal or sport shift modes. Leaving it in automatic would be just fine, but then you'd miss out on tapping the 3D-printed aluminum shift paddles.

Despite Mini's woes, Clubman sales surging

The Mini Clubman has a polarizing design, but those who like it are snapping it up. According to Automotive News, the Clubman is on pace to become Mini USA's best selling model. Almost 1,700 vehicles were sold during the first quarter of 2016, and the vast majority – 1,037 units – were sold last month alone. These facts are made all the more noteworthy because Mini's sales fell 15 percent during the first quarter. The surging sales of Mini's newest model are especially good news for the brand's coffers. The Clubman is the most expensive non- John Cooper Works model you can get, aside from the upcoming Convertible. It doesn't sound like there are too many Clubman models going for the $24,950 starting price, either. According to Mini Dealer Council Chairman Michael Vadasz, dealers are doing solid business on customized orders, which, he tells AN, "is what Mini is all about." About one in four Minis built today are custom orders submitted by consumers, who love taking advantage of the Porsche-like breadth of a la carte options, no matter what it does to the final price. The fact that Mini is seeing so many custom Clubmans, then, is a very good thing. As for why the Clubman is doing so well, Mini USA Vice President David Duncan says it's because the car just isn't so Mini, moving the brand beyond its traditional subcompact class to the compact segment, where it can challenge cars like the Audi A3. "We see that as a fast growing segment, so having an entry in there gives us that opportunity," Duncan told Automotive News. "And then when you look at the car itself, it's got a premiumness about it that really takes us to the next level and allows us to compete against brands that we weren't typically competing against." Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.