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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 celebrates 60 years of Cooper with Anniversary Edition Hatch

Sir Alec Issigonis never seriously envisioned the original Mini as a performance car. It was a cheap and cheerful econobox developed as an alternative to the bubble cars that were wildly popular in post-WWII England. Race car engineer John Cooper played a significant role in revealing the Mini's sporty side, and the BMW-owned firm is celebrating the collaboration's 60th anniversary with a limited-edition variant of the Hatch that will be sold globally. Aptly named Anniversary Edition, the commemorative hatchback is available in British Racing Green, Midnight Black or Rebel Green (depending on the version). Regardless of the chosen paint color, the light bezels, the door mirror caps, the door handles and the roof are painted white, while most of the other exterior trim pieces are black. The number "74" appears on the hood and on the doors; it was chosen as a reference to the original Mini, which wore the same number when it earned its first win in a major race. Red accents add a finishing touch to the look. Open the door, and you'll spot edition-specific door sill plates with a Cooper logo. The same design appears on the three-spoke steering wheel, and there's a red ring on the passenger side of the dashboard that's a tribute to the original John Cooper logo. The signatures of John, Mike and Charlie Cooper appear next to the instrument cluster. Mini is not making any major mechanical changes to the Anniversary Edition. The package can be ordered with the standard Cooper, the hotter Cooper S or the spicy John Cooper Works model. In its most powerful configuration, the Hatch offers a turbocharged, 2.0-liter four-cylinder engine that develops 228 horsepower. For context, the original Mini Cooper was powered by a 1.0-liter four-cylinder tuned to develop about 55 horsepower. It could reach a top speed of around 80 mph, and it gained disc brakes (the standard Mini initially settled for drums on both axles).  Only 740 units of the Anniversary Edition Hatch will be built globally. Pricing information hasn't been announced. And, while we know the model is America-bound, there's no word yet on how many will be sent to our shores. We've reached out to the brand, and we'll update this story if we learn more. Cooper's pre-Cooper models Mini launched its first Cooper-tuned model in September 1961, but the collaboration started earlier.

BMW's new strategy: Electric everything

Mercedes isn't the only car maker determined to beat Tesla before it gets huge. Sources speaking to German business daily Handelsblatt claim that BMW is in the midst of planning an executive shuffle that will also include a big shift in its electric vehicle strategy. While the company would still offer ground-up EV designs like the i3, the new strategy would greenlight electric versions of some of BMW's most important vehicles, including the 3-series sedan, X4 crossover, and iconic Mini. If the leak is accurate, management is likely to approve the change at the end of September. We've asked BMW for its take on the report, although it declined to comment to Handelsblatt. It wouldn't be shocking to see the Munich crew change tack, though. While Tesla has received hundreds of thousands of Model 3 pre-orders, i3 sales dropped in 2016 – the upscale (if oddly-shaped) EV just isn't as hot as it once was. If BMW electrifies some of its most popular cars, you wouldn't have to choose between a super-efficient, eco-friendly EV and the familiar designs of the brand's mainstream driving machines.The story originally appeared on Engadget, your guide to this connected life.Related Video: Featured Gallery Mini Vision Next 100 Concept View 38 Photos Green BMW MINI Electric Hybrid engadget