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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.

This Mini just set a very long Nurburgring lap record

The video above is 45 minutes long. You probably won't watch the whole thing. It documents what is possibly the least visually exciting and most impressive Nurburgring record ever, with a Chinese driver keeping a Mini Cooper on two wheels for the entirety of a Nordschleife lap. That's 12.9 miles at a blistering average speed of 17 mph. The number of support vehicles seen on track, some of which pass the Mini at various points, highlights just how nonstandard this lap is. A Mercedes van trailing behind stops at one point and then catches back up shortly after. This is an endurance run more than anything. Credit of course goes to the skilled driver, who had to balance the car on its left wheels while enduring the pain of leaning at a steep angle. For 45 minutes. The car was specially prepped, with things like a welded diff and an airless left front tire (it looks like something off a fork lift) helping it steer, propel, and support the car. Bridge to Gantry's Dale Lomas was there to witness the leisurely event, and he has all of the details, including what was done to the car and what it was like to travel from viewing location to viewing location to witness the same lap. The driver, Han Yue, is an expert at manhandling Minis. He's the guy with the Guinness record for the tightest parallel-parking job (not to be confused with the tightest reverse parallel park) and also set with a driver in an M4 doing donuts around his up-on-two-wheels Cooper. We find it extremely fitting that the car for this latest record was plastered with Red Bull decals. You know, the wings? News Source: Bridge to GantryImage Credit: Nurburgring / Facebook Motorsports MINI Hatchback Racing Vehicles Performance nurburgring record

Will the Mini John Cooper Works GP get an electric sidekick?

Mini will beat most of its rivals to the burgeoning electric hot hatch segment by releasing a battery-powered variant of the John Cooper Works GP, according to a recent report. If the rumor is accurate, the British brand's second series-produced electric car will also become one of the quickest models it has ever put its name on. Enthusiast website Motoring File spotted what looks suspiciously like an electric John Cooper Works GP testing in Germany, and unnamed sources who are allegedly familiar with the company's plans confirmed the model is currently being evaluated. None of the insiders said the model has been confirmed for production, however. It's too early to tell what will power the electric GP, or how closely it will be related to the Cooper SE. We're curious to find out how Mini will offset the battery's weight; the gasoline-powered GP (pictured) tips the scale at 2,855 pounds, while the SE weighs in at 3,153 pounds. Granted, a generous amount of instant torque can help the hatchback overcome its extra pounds, but masking it on a twisty road will require serious chassis wizardry. If the rumor is true, we'll learn more about Mini's next electric model in the coming months. It might arrive in showrooms in 2022, likely priced above $50,000 and possibly as a limited-edition model. For context, the existing GP is limited to 3,000 units worldwide, and pricing starts at $45,750. Mini made its commitment to electrification clear when it pegged its future on crossovers, the Chinese market, and electric cars. It confirmed it's developing an electric crossover that will be about as big as the Countryman, and it stressed electrification will spread across its range in the coming years. It's not planning on ditching gasoline- and diesel-powered engines soon, though; it wants to give customers what it calls the power of choice. Who else is in the game? Electrification still hasn't reached hot hatch land, and Mini's rumored electric GP would be one of the first cars of its kind. Volkswagen has often hinted it wants to build a spicier version of the Golf-sized ID.3 sold in Europe, but we haven't seen the model yet; the firm is understandably allocating its resources to ramping up production of volume-oriented models, like the ID.4 crossover. Across the pond, Renault transformed the humble Zoe into a 460-horsepower, four-wheel drive superhatch in 2017, but the project fizzled before it spawned a production car.