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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.

Why BMW doesn't plan to integrate Apple's iOS in the Car

While watching Apple introduce iOS in the Car during its WWDC keynote on Monday, we wondered how automakers, even the 14 who've already signed up to integrate this new in-car functionality of iOS 7, will feel about having the Cupertino company's mobile operating system supplant their own in-car systems. After all, some OEMs like Ford, General Motors and many luxury automakers have sunk millions of dollars into developing their own advanced infotainment, navigation and communication platforms like MyFord Touch, CUE and older systems like iDrive.
One automaker has now spoken up. A BMW spokeperson was interviewed by someone in the news department of British auto dealer group Arnold Clark and confirmed that the company would not be getting in line to integrate iOS in the Car anytime soon. The reason, as we suspected, is that BMW believes its own products developed over the last decade are both plenty good and already so deeply integrated with other systems of the car that, as told to Arnold Clark, "it would not be that straightforward to start changing all of the architecture of a car as has been implied [by Apple]."
While BMW isn't interested in spending more money to integrate Apple's services and functionality over its own, it has spent a good bit already to integrate iPhone functionality in its cars, including the relatively rare ability to support iPod Out and display Apple's own interface on Mini models with the optional Mini Connected feature, as well as committing to integrate Siri 'Eyes Free' functionality.

2022 Mini Cooper Hardtop and Convertible refresh adds more grille

The current Mini Cooper Hardtop and Convertible models, while still generally fun and stylish, are getting up there in years. The last total redesign came in 2014, with some minor updates to keep it fresh. For 2022, Mini is going with another refresh instead of an all-new model, and it seems to have cribbed notes from BMW's design team. There's no getting around it, the updated Mini models have a big grille. And that wouldn't necessarily be a bad thing, the classic pre-BMW Minis had large grilles, but it's also messy. Every version gets a thick black grille surround that extends to the base of the bumper, and it blends into the black air dam. It makes it look overly big and hard to tell where it begins and the edge of the bumper begins. The body color center section makes it look like the grille frame was just laid on top of a plain bumper, and the various openings look a little like afterthoughts. The base Mini Cooper has the simplest design, which helps things somewhat, while the S and John Cooper Works models have bigger openings and more grille mesh. Grille aside, there are other small styling changes inside and out that are much less controversial. Mini is ditching fog lights mounted low in the bumper for minimalist openings and integrated fog lights in the main headlamp housings. The fender garnishes that Mini calls "side scuttles" have been given a tweak and some thin, long turn indicators. At the back, the rear fog lights and reflectors are gone completely for a cleaner design. A new option is the Multitone Roof that features a gradient with Soul Blue, Pearly Aqua and Jet Black. The interior is similar to the current model, but the analog speedometer has been replaced by the digital cluster introduced on the Mini Cooper SE and John Cooper Works GP. Also, the center air vents are now integrated into the dash panels and the steering wheel and ambient lighting arrangement have been redesigned. Mechanically, the Mini lineup is completely unchanged with the same engine and transmission offerings as before. That does mean that manual transmissions will continue to be available. Mini has added some new standard features to the lineup, though. All models now get an 8.8-inch infotainment screen as standard, and the interface has new graphics. Apple CarPlay and satellite radio are also included, though Android Auto is still unavailable. Lane-departure warning is now standard, and adaptive cruise control now has stop-and-go functionality.