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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.

Enter to win a 2020 Mini Cooper SE Electric and $10,000 cash

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Enter to win this giveaway or any other Omaze experience between now and December 31, 2020, and receive 150 bonus entries with Autoblog’s exclusive code AUTOBLOG150. Simply add the discount at checkout. There are some incredible cars on Omaze, including Broncos and 911s converted to electric, Range Rover Sport SVRs that can hit 150 mph and ford a river (not at the same time of course), and camper vans that allow you to live wherever youÂ’d like. While it would be incredible to win any of those vehicles, it's probably best that you actually consider them dream cars. And that you have the extra garage space. By contrast, an electric Mini Cooper SE is a practical car you can drive day in and day out, while saving the dollars in your bank account for that project that really is your dream car. Win a 2020 MINI Cooper SE Electric and $10,000 - Enter at Omaze Plus, not only does this prize come with the car, it also comes with $10,000 cash to spend however youÂ’d like. I donÂ’t know about you but that would be a nice down payment on my dream rig (a 70 Series Land Cruiser if anyone is wondering). Taxes and shipping costs are also covered. And of course because itÂ’s on Omaze, your entries will go toward helping a great organization, specifically, Feeding America. “(It) is the nationÂ’s largest domestic hunger-relief organization. Their network of food banks, pantries and meal programs serve virtually every community in the United States, reaching 40 million people (including 12 million children and 7 million seniors). Feeding America works to get nourishing food — from farmers, manufacturers, and retailers — to people in need. They also seek to help the people they serve build a path to a brighter, food-secure future. Your generosity will help Feeding America continue to connect people with food and work to end hunger.” If youÂ’d like this two-door EV in your garage, enter this drawing quickly, as the deadline to enter is Nov. 17, 2020, at 11:59 p.m. Pacific time. Enter to win this giveaway or any other Omaze experience between now and December 31, 2020, and receive 150 bonus entries with AutoblogÂ’s exclusive code AUTOBLOG150. Simply add the discount at checkout. MINI Commerce deals

Mini STRIP gets Paul Smith's help with graceful sustainability

For the 40th anniversary of the original Mini in 1999, British designer Paul Smith created a vintage two-door Mini overlaid with the multicolored stripes he's known for. You can buy still buy a set of his "Artist Stripe" Mini-Car Cufflinks at the Paul Smith site. For Mini's newest collaboration with the knighted Royal Designer for Industry, the partnership dropped the "e" from "stripe" to create the one-off Mini STRIP concept. Given the tagline "Sustainable design with a twist," if you wanted to show off the possibility of combining high design with unprocessed, renewable materials, the Mini STRIP is a sensational way to do it.  The project started with the steel bodyshell of a battery-electric Mini Cooper SE. Everything added to the shell needed to satisfy the themes of simplicity, transparency, and sustainability, which meant eliminating anything that could be eliminated, and rethinking the materials and forms of the rest. Outside, the STRIP bears its naked steel, complete with the grinding marks from the finishing process. There's naught but a layer of transparent paint to shield the metal against corrosion. The duller, contrasting hue in places like the front and rear apron and hood intake are from 3D-printed parts. The grille trim has been fashioned from recycled Perspex, same as the panoramic roof and the aero covers on the wheels. The silver screw heads in the black trim are intended to highlight and ease the process of dismantling the car when it's time for bits to be recycled. The only color outside is a splash of neon green that hides under the charging port cap. The cabin hardware is nothing but the indispensable, lightly trimmed. Smith insisted on painting the steel shell a vivid blue. The instrument panel is a single semi-transparent piece, a smartphone replacing Mini's usual large center gauge. The only switchgear consists of five toggles hanging above the area that's clearly missing its center tunnel. The dash and upper door pads, plus the sun visors, are made from recycled cork without any synthetic filler. The door pulls are wound climbing cord, the door openers made of milled, recyclable aluminum, same as the steering wheel spokes. The seat surfaces and piping are knitted fabric, tying in with mesh panels used on the lower doors, the airbags running along the roof, and the cover over the airbag in the steering wheel. That wheel is wrapped in bicycle tape, a nod to Smith's taste for cycling.