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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.

Mini might not replace Paceman, Coupe, Roadster

Nobody could argue at this point that Mini (like its parent company BMW) has not mastered the art (if you could call it that) of filling every niche with its own model. But with the third generation of Mini now upon us, some of the company's strategists are asking themselves what the point is of it all.
The outgoing second-generation Mini spawned too many variants to count. So far the new model has only surfaced in hatchback form, but the brand may roll out quite as many variants this time around. Instead it is looking at its lineup in terms of pillars.
The quintessential hatchback we've already seen would be one pillar. The Countryman crossover would be another. And the production version of the new Clubman concept which Mini displayed in Geneva would be a third. A convertible based (like the existing one and the one that came before it) on the hardtop hatchback is likely to follow, but don't expect too many other versions.