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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.

Mini is sending some buyers a car-sized puzzle to apologize for delivery delays

The ongoing chip shortage has wreaked havoc on automotive supply chains around the world, causing a diverse selection of side effects including long delivery delays. Mini has found a clever way for some of its customers to pass the time: It's sending them a giant Mini puzzle. Created by advertising agency Pereira O'Dell, the puzzle's full name is the "we're-working-hard-to-get-you-your-car, waiting-is-the-worst, in-the-meantime-happy-puzzling Mini puzzle." It sounds like the company has created several designs, though the only image it published shows a red hatchback with white stripes on a red background. It's huge; the dimensions weren't published, but it looks like it takes up a car-sized spot in a garage. The pieces look relatively big, but completing the puzzle will likely require several days of trial and error. Mini notes that not every buyer who is waiting to take delivery of one of its cars will receive a life-sized puzzle; only "select new customers" will get one. It's sending normal-sized puzzles to some of its other customers, however. There's no word on how recipients are selected. Delays have plagued nearly every carmaker in the past few months, so Mini isn't alone. The company has temporarily stopped building cars equipped with a manual transmission to simplify its range. While it hasn't revealed precisely how long customers need to wait before taking delivery, its consumer website warns that "due to increased customer demand, production availability of model year 2023 Mini models is limited." It adds that the estimated delivery time for custom-built orders varies "depending on trims, packages, options, and location." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2016 Mini Clubman stretches out, opens wide for Frankfurt crowd [w/video]

On the surface, there are two things you need to know that differentiate the new Mini Clubman from not only its short-wheelbase counterpart, but the brand's two other five-door models. First, its stretched wheelbase really is very long, and second, it still has those nifty barn doors in back. That extra four inches added between the axles is important, because it makes for not only the longest vehicle Mini has ever built – it's actually slightly longer than a four-door Volkswagen Golf – it's easily its roomiest, as well. The backseats are suitable for real human beings. Even with a taller driver in front, seating behind the driver is far from cramped, although we'd hesitate to put three adults in the second row. Compared to the aforementioned VW, there's a total of 34.3 inches of rear legroom, or just 1.3 inches less than the Golf. As for those twin barn doors, they swing open at the kick of a foot (when so optioned), much like the smart tailgates being fitted to so many crossovers. Once open, they grant users access to 17.5 cubic feet of cargo space, complete with a liftable flat floor. Fold the second row down, and there's a total of 47.9 cu ft of cargo space. Check out our entire live gallery of the all-new – and fully undisguised, this time around – direct from the floor of the 2015 Frankfurt Motor Show. RIPE FOR FRESH CONQUESTS: THE NEW MINI CLUBMAN Woodcliff Lake, NJ, June 24, 2015. The new generation of the MINI model family continues to grow. With the new MINI Clubman it now conquers the premium compact segment, too. The new model offers the highest level of everyday practicality, long distance suitability, versatility and ride comfort ever seen in a MINI. With four doors and the characteristic split doors at the rear, five fully-fledged seats and a generously sized, versatile interior, the new MINI Clubman meets all the requirements of the compact class in terms of functionality in its own unconventional way. Individual style, outstanding driving fun and the quality level of a premium automobile make it an exceptional phenomenon that allows additional target groups to get a taste of the distinctive MINI feeling. The matured character of the new MINI Clubman is reflected in dimensions that are significantly larger than the predecessor model, a distinctive body concept, high-quality materials and finish quality and also new features in the areas of drive, suspension comfort, safety, controls and connectivity based on the latest MINI generation.