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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 nixes plans for 7-seater, Countryman to stay largest model

Contrary to popular belief, it seems that Mini's growth plans do have a limit both in size and number of models. During the 2014 Geneva Motor Show, it unveiled the six-door Clubman concept (pictured above) that was 4.4-inches longer and about two-inches wider than even the current Countryman crossover. Mini design chief Anders Warming says that this is the new size limit for its models, and the BMW subsidiary isn't building a larger, seven-passenger vehicle above the current Countryman.
"We won't build anything bigger than the Countryman, not at this moment. You should be able to park a Mini in a city, so a Countryman or this new Clubman is as big as it should be," said Warming to Auto Express in Geneva. Rumors going back to last November, pegged the Mini as developing an even larger vehicle to take on mainstream CUVs.
While Warming is ruling out a bigger Minis for now, a smaller one like the Rocketman concept still might be in the cards. He said that the project has been warmly received but still had to be investigated because "it's a numbers game." So if bigger Minis aren't coming, there still might be a slim chance for a smaller one.

Mini Cooper Royal Wedding Edition: For the couple that literally has everything

As far as wedding presents go, it sure beats a hand mixer. Mini has created a one-off car to commemorate the wedding of Prince Harry and Meghan Markle. The car won't be brought in and parked next to the gift table, however. Instead, it'll be given to a charity chosen by the royal couple, which will then auction it. Mini's design team has personalized a Mini Cooper 2-Door with a hand-made roof graphic and a special interior, which features 3D-printed parts and special embroidery. The idea behind the hand-applied multi-layer roof graphic is that it's a combination of the Union Jack and the Stars & Stripes, representing the couple's nationalities. As an extra touch, the opened doors will project a "Just Married" sign onto the ground. Small detailing around the car is also bespoke, from the chrome finish to the side scuttles. Inside the Crystal White car is a Satellite Grey leather interior, with a trim strip announcing the first names of the bride and groom, as well as the wedding date. There are also accents in the door cards that match the roof graphic's colors. And just in case you're digging the stylistic vibe of the Royal Wedding Edition (not really the official name, but let's go with it), some of the custom work on the car can be replicated with the Mini Yours personalization program. That includes the option of 3D-printed parts. After the wedding on May 19 , the car will go to The Children's HIV Association, or CHIVA, who will auction it. Here's hoping it commands a good price. Related Video: Featured Gallery Mini Royal Wedding View 13 Photos Image Credit: MINI MINI royal wedding meghan markle