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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.

Driving the Lotus Emira and Nissan Sakura | Autoblog Podcast #805

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Electric, John Beltz Snyder and Associate Editor Byron Hurd. This week we've got a handful of cars to review, like the Lotus Emira, Jaguar F-Type, Honda Accord Hybrid, Mini Cooper SE and Nissan Sakura. There's a new Autoblog T-shirt available through a collaboration with Blipshift (read more here, and buy yours here). Could there be a new, midsize Ram pickup set for U.S. production? Nissan is considering an affordable, electrified small pickup for America. The VW ID.7 Tourer electric wagon has been revealed, and we consider whether it should come here, too. John talks about the energy of the exhibition halls at the 2023 Japan Mobility Show, and our hosts talk highlights from SEMA 2023. Finally, we open some listener mail to help choose a fun convertible rental for a trip to Phoenix in this week's "Spend My Money" segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #805 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Lotus Emira First Edition 2024 Jaguar F-Type R75 Convertible 2023 Honda Accord Hybrid 2024 Mini Cooper SE 2024 Nissan Sakura Blipshift's 'Automn 2023' sale is here and it includes a brand new Autoblog T-shirt Stellantis-UAW agreement brings new (Ram?) midsize truck to Illinois Nissan exploring electrified and affordable small pickup for U.S. market Volkswagen ID.7 Tourer previewed as the brand's first electric wagon — should it come to the U.S.? 2023 Japan Mobility Show: the feel from the show floor SEMA 2023 recap Spend My Money: Renting a fun convertible through Turo Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts SEMA Show Tokyo Motor Show Honda Jaguar Lotus MINI Nissan Convertible Coupe Hatchback Economy Cars Electric Hybrid Lightweight Vehicles Luxury Performance Sedan

Some younger drivers relish the idea of stick shifting

Part way into the 21st Century, obsolescence isn’t what it used to be, especially in the minds of younger consumers; consider the renaissance of vinyl records and film cameras. To that list, add the automobileÂ’s stick shift. Manual transmissions are no longer just about lower car purchase prices, better fuel economy or more control on the road. TheyÂ’re about being hip. At least, thatÂ’s part of the thesis offered in a recent article in The Wall Street Journal. “The 20-Somethings Fueling a Stick-Shift Renaissance”  examines a modest but real resurgence in the sales upticks of manual-equipped cars, and focuses on the enthusiasm of younger people to acquire them, and the challenges—no longer so challenging—of learning bow to drive them. But, as readers of Autoblog have learned in recent years,, the future of manuals, as author Rachel Wolfe succinctly points out in the Journal piece, is essentially doomed in the longer term. Blame the electric vehicle. She writes that car makers sold 43 different manual models in 2022, according to J.D. Power, compared with 69 in 2019. “While a few EVs do have more than one gear,” she says, “auto makers are still figuring out how to translate the experience of maneuvering a manual to their electric car lineups. ‘’ Did we mention “doomed”? But Ms. Wolfe does offer some positivity. “MINI just opened a manual driving school of its own at the BMW Performance Center in Thermal, Calif.,” she writes. “A January company survey of just over 1,000 drivers found that two-thirds of 18-to-34-year-olds are eager to learn how to drive a manual, versus 40% of older respondents who donÂ’t already drive stick.” The author quotes a couple of drivers who became enamored of manuals, including a teenager from Ohio who took his driving test with a manual. “I thought it was cool to learn how to drive on a stick, just because I could tell my friends that I was a better driver than them,” he says. She also visits the other side of the issue, talking to a 24-year-old, who said that she found the stick “cool,” but only until “her leg grew sore from the clutch as she navigated traffic commuting back and forth from law school every day in Tampa, Fla.  ‘I think they are very fun to drive for about two hours, and then youÂ’re like, OK, I would like to put it away and just drive like a normal person again.’’” The full article is available online here.