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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.

Honda engines and giant killing in the classic Mini Cooper

Electric Federal has taken a fresh look back at the enduring legacy of original Mini with a video interview with Heritage Garage's Graham Reid, one of the foremost experts on classic Minis. As Electric Federal points out, it's important to remember that the Mini did not start out as a performance car. It was built in response to the Suez Canal crisis of the mid-50s, which had a similar effect on British gas prices as OPEC did on American prices in the 1970s - rationing and rapid price jumps.
Through the years, Minis have grown from their budget roots to become seriously competent performance machines. As Reid says, a 150-horsepower Mini on the right track should have no problem outpacing a contemporary Porsche 911.
For some time now, classic Mini owners have been dropping Honda engines under the tiny hoods of their classics. With up to 250 horsepower pulling a car that tips the scales at barely 1,200 pounds, the upgraded Mini is "a real sleeper," Reid says. Interestingly, Reid doesn't mention another increasingly common swap in the Mini community - Suzuki Hayabusa-powered Coopers.

Mini 60 Years Edition celebrates six decades since the original hit the streets

The original Mini launched in 1959, making this year the car's 60th anniversary. To celebrate, Mini is offering a special Mini 60 Years Edition car for the 2019 model year. Mini did a pretty awesome photo shoot for this limited-edition car, showing us how big the Mini is now compared to what it used to be in 1959. That might not have been the point, but man is it interesting to see the two chugging along next to each other. You can order the 60 Years Edition with either the three-door or five-door Mini — the larger Clubman and Countryman will not be getting this treatment. As for the changes from Mini, it's mostly aesthetic. The standard color is a British racing green, but you could choose among four other non-green colors, too. Mini will paint the roof either white or black, and the same goes for the exterior mirror caps. Plenty of stripes are already available for Minis, but this special edition has unique hood stripes — the 60 Years logo appears on just the left-hand hood stripe. That's just the beginning when it comes to anniversary stickers and logos. You'll see the designation on the door sills, interior trim, front headrests, steering wheel, and the logo is even projected onto the ground by LED light upon opening the door. Mini 60 Years Edition View 33 Photos A bunch of equipment is made standard in these 60 Year cars for a bit more luxury. Full LED lighting front and back comes with all of them. The interior trim is done in an exclusive dark maroon color — the sports seats and leather steering wheel will also be standard equipment. In the U.S. you'll be able to get either the normal Cooper or the Cooper S with this special edition package. This means either the 1.5-liter turbo or 2.0-liter turbo will be up for grabs with your 60 Years Edition Mini. These particular cars will be available in March this year, but Mini doesn't spell out pricing nor production numbers for them. Since the changes aren't necessarily drastic, we wouldn't expect an unruly price, but expect to pony up a bit more for the privilege of owning one of these. Related video: Featured Gallery Mini 60 Years Edition and original Mini View 58 Photos MINI Hatchback