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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.

2023 Mini Countryman PHEV could pack 322 horsepower

After having seen the 2023 Mini Countryman in spy shots late last year, we knew the brand known for diminutive was going to step up a weight class. A report in Autocar says the hatch will grow by an estimated eight inches or so, to about 178 inches — just three short of the Toyota RAV4. The report claims as well that not only will the 2023 Countryman be the longest Mini out there, but the most powerful. Word is BMW plans to apply the same PHEV powertrain as in the 2 Series Active Tourer, which combines a 1.5-liter turbocharged three-cylinder with a 174-horsepower electric motor, producing a combined 322 horsepower and 353 pound-feet of torque. Such potency would put the coming Countryman beyond today's Countryman Cooper S E All4 banging out 221 hp and 284 lb-ft, and 21 ponies past the Countryman John Cooper Works. A battery with 14.2 kWh of usable juice, borrowed from the 230e xDrive, would make a healthy extension to the 18-mile all-electric range provided by the current Mini's 9.6-kWh battery. By increasing the vehicle's dimensions, Mini might be able to retain the 9.5-gallon gas tank in today's Countryman PHEV, despite the larger battery. Five more powertrains are said to complete the lineup, three of which might come here bringing 30 extra ponies over the present choices. The first is a less potent PHEV will be tuned to 241 hp., which might or might not make it Stateside. The next two could replace the engines already offered here. There's a a 1.5-liter turbo three-cylinder with 168-hp, trumping the 134-hp three-cylinder on offer now, and a 2.0-liter turbo four-cylinder with 215 hp, outdoing the 189-hp in today's 2.0-liter. Both of those are aided by a 48-volt mild-hybrid system. Other markets that still enjoy diesel grunt can take advantage of a 2.0-liter oil burner. And the evolved UKL1 architecture shared with the X1 and X2 will produce a battery-electric Mini, which we'd expect to get U.S. papers at some point.  Spy shooters have caught a prototype fitted with a beefy rear hatch spoiler, large rims, and quad pipes, so there will be some kind of performance option. However, we don't know if that prototype was the PHEV, nor whether Mini plans to put the JCW moniker on the most powerful PHEV. With Mini having already announced changes for the U.S. 2023-model-year lineup, it's not clear when the new generation will debut here.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences.

BMW will show Mini EV concept at Frankfurt

A month ago, BMW announced that it would electrify all its brands and model lines, including the Mini hatchback. A forthcoming full-electric Mini will enter production in 2019 at the Mini plant in Oxford, England, where the production line would join a German-built electric drivetrain with a British-built body. BMW notes that this will happen exactly 60 years after the original Mini hit the streets. View 5 Photos As the 2017 Frankfurt Motor Show is upon us, BMW has introduced the concept version of the aforementioned electric Mini. The manufacturer says the color scheme chosen for the concept matches the previous electrified Mini, the experimental Mini E of 2008. That car was produced in a trial run of 600 units, and it provided BMW with valuable data as it was developing the i3 model, currently on the market. The Mini Electric Concept is powered by a lithium-ion battery, but no numerical specifications or range figures have been announced. It will be interesting to see whether the driving fun inherent to Minis can be translated, as a battery electric vehicle will undoubtedly be heavier than a fossil-fuel hatchback. The closed front grille stands as testament for doing without pistons or a need for engine cooling. Related Video: Related Gallery MINI Electric Concept Image Credit: BMW Green Frankfurt Motor Show BMW MINI Technology Emerging Technologies Hatchback Concept Cars Electric Frankfurt 2017