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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.

Longer, wider, still a Mini | 2017 Mini Countryman First Drive

Think of the 2017 Mini Countryman as the brand's "ah, to hell with it" moment. At a whopping 8.1 inches longer and 5.4 inches wider than the vehicle it replaces, it is quite obviously the least-mini Mini ever. Yet, that size increase makes it more useful, comfortable riding, and better proportioned. If a compact crossover SUV is what's to be, then this is the size it should be. However, it's still quite mini for a compact SUV, coming in at 3 inches shorter than the Mercedes-Benz GLA-Class and 4 inches shorter than an Audi Q3. Neither of those are what anyone would describe as "large." And yet, the Countryman boasts a considerably more spacious and usable interior than either of them. Sit in the new Countryman's back seat and you'll be amazed at the space, with plenty of leg- and headroom for even tall people despite a standard panoramic sunroof. Crossovers of similar exterior dimensions, luxury or otherwise, just don't come close to providing as much passenger space. The cargo area isn't quite as impressive on paper, but its boxy shape and the sliding second-row seat make it far more versatile in practice. So, despite being the least-mini Mini ever, the new Countryman is still in keeping with the brand's ethos from the very beginning when Alec Issigonis created a car that was microscopic on the outside but disproportionately spacious inside. There's far more to this redesign than just dimensional changes – the 2017 Countryman grows up figuratively as well. The original model always felt like a Mini Cooper hardtop that ballooned in size and door count. Compared to SUVs of similar price, and more damningly of lesser price, it was crashy, loud, a bit cheap inside, and relatively uncouth. The base model was also embarrassingly slow. The new version feels more like a proper compact luxury SUV flavored with a robust Salt Bae of Mini spice. Actually, that's pretty much what it is. The Countryman now shares its front-wheel-drive platform with the new BMW X1, which itself benefits from various trickle-down elements from elsewhere in the BMW Group. For instance, processes developed for the 7 Series are in part responsible for the new, stiffer structure that contributes greatly to the 2017 Countryman's other great advancement: the exponentially better ride. The old one harshly crashed over bumps in a way that only Fred Flintstone wouldn't find tiresome.

2014 Mini Cooper rockets into view

Here it is, all but undisguised. We've been clocking the 2014 Mini Cooper for months now, but engineers' well-placed camouflage has meant that our views have been very limited. Today, though, the disguises have been cast aside and the new Mini has been revealed in both standard and Cooper S form during a photo shoot, and there are some real surprises afoot.
For one, we had no idea that the Cooper would adopt the LED daytime running lamp corona headlamps from the much-loved 2011 Rocketman concept, but there they are, looking both unique and a little frightened. The front grille has been resculpted and and is now more rounded, integrating the bumper strike face in matte black. In fact, the entire nose looks a bit more rounded to our eyes, with all variants carrying a small but noticeable power bulge (shown here on the S model above the intake slot in the hood). The profile looks largely unchanged save for a slightly faster windshield, but the rear picks up a set of oversized taillamps that we'll likely have to see in person to get comfortable with. Our spy shooters tell us that the 2014 Cooper, codenamed F56, appears to be slightly larger in the metal than its predecessor, as expected, with much of that length coming in the form of a longer front overhang (perhaps to assist with pedestrian safety regulations).
Expected to ride atop the same UKL architecture shared with the upcoming BMW 1 Series GT and MPV, the entire line of Coopers may move to an all three-cylinder lineup, including BMW's 1.5-liter I3 that features a twin-scroll turbo, direct injection and variable valve timing, a combination good for anywhere between 120 to 200 horsepower. Eventually, higher-performance models could generate up to 300 horsepower out of this tiny engine. Our well-connected lensmen suggest that at least one four-cylinder engine might carry over to the launch of this new generation, but it may only be available for the first model year.