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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.

World record practice jump doesn't go as planned for Chicherit

French rally driver Guerlain Chicherit is a very lucky man. He had hoped to beat Tanner Foust's 332-feet car jump record (which nearly went awry itself) with a 360-foot leap in a specially built Mini to score a new Guinness World Record at the French ski resort of Tignes. However, things didn't go to plan, and Chicherit suffered a massive crash during the attempt. According to The Local, emergency services were on the scene immediately, and he was transported to the hospital by helicopter, but Chicherit is in better condition than anyone could have expected. He has been on Facebook since the crash and appears to be in great spirits. He wrote: "I have to stay to the hospital for the night just for safety, I'm all ok !!!" The jump was originally scheduled for Sunday, March 16, but heavy fog delayed it until today. Warning: The crash is quite graphic, but remember Chicherit wasn't seriously injured. Scroll down to see it all from multiple angles and in slow motion. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2019 Mini John Cooper Works Hardtop International Orange Edition is very bright, expensive, verbose

Mini has introduced a new special edition version of the John Cooper Works Hardtop, and there are three key notable things about it. First, it is very orange. The paint on its body and roof is not available on normal Minis, and its specific hue contributes to this little car's very long name: (deep breath) 2019 Mini John Cooper Works Hardtop International Orange Edition. According to the man in charge of Mini's product planning and aftersales department, that particular shade of orange "is a bold color historically used to make great feats of engineering and aerospace design stand out." We suspect they're referring in particular to the Golden Gate Bridge, which is famously painted International Orange. How it relates to Mini, we're not exactly sure. The second thing about this orange Mini is the abundance of extra standard equipment pulled from the usual Mini options catalog. Visually, this includes black-accented graphics, door handles, fuel door and rear spoiler. The mirror caps are carbon fiber, too. Inside, a bunch of options are standard including heated seats, Harmon Kardon audio, a head-up display, navigation, and a variety of driver aids. It even comes with that neat John Cooper Works Pro Exhaust system with the Bluetooth remote to open flaps and make it louder. This brings us to the third thing about the (deep breath) 2019 Mini John Cooper Works Hardtop International Orange Edition: it's not cheap. Now, a starting price of $40,750 may seem like decent value when you consider that optioning up a non-orange John Cooper Works Hardtop with its Signature trim and comparable options would cost $40,950. So, you save $200 and get the otherwise unavailable fancy exhaust and bridge-inspired paint. Yet, a 40-grand Mini Cooper is still shockingly expensive compared to other hot hatchbacks. The 306-horsepower Civic Type R starts at just $35,595. The 292-hp VW Golf R is basically the same price as the Mini, and it adds all-wheel drive. The 350-hp Ford Focus RS is only about $1,000 more and delivers monster power with all-wheel drive. Then again, those aren't available in orange. Related Video: Featured Gallery Mini Cooper International Orange Edition View 12 Photos Image Credit: Mini MINI Hatchback Performance