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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.

2025 Mini Countryman goes electric, gets bigger at Munich Motor Show

This is the 2025 Mini Countryman, and just like the new Cooper, Mini is revealing it in electric form first.  However, unlike the Cooper, the Countryman is growing in size by a lot. It’s now 5.1 inches longer, 2.4 inches taller and 0.8 inch wider than before. Its longer wheelbase and wider track width really accentuate the growth in size. For reference, the new Countryman is very similar in size to the new Niro. MiniÂ’s new Countryman wears its size well, as it does so with a combination of ruggedness and high fashion all-in-one. Its colored accents, large wheels, distinctively shaped headlights and simplistic body lines come together to create a classy but still forward-thinking look. Since Mini is introducing electric versions of the Countryman for this generation, it focused on reducing the coefficient of drag versus the old model, and itÂ’s gone from 0.31 to 0.26 in the new car. Two electric versions are being revealed now, including the Countryman E and Countryman SE ALL4. The basic E has a single electric motor good for 204 horsepower and 184 pound-feet of torque, which gets you from 0-62 mph in 8.6 seconds. The sportier Countryman SE has two electric motors for all-wheel drive, which boosts output to 313 horsepower and 364 pound-feet of torque. This gets you a rather quick 0-62 mph time on just 5.6 seconds and a top speed of 112 mph. Range for the single-motor E is 287 miles on the WLTP cycle, while the SE takes a hit down to 269 miles – both are packing 64.7 kWh battery packs. Expect those range figures to be lower in EPA testing. Charging the electric Countryman offerings will be even more convenient than the electric Coopers, as the maximum charge rate is a solid 130 kW. Mini claims thatÂ’s good for a 10-80% charge in under 30 minutes. And if youÂ’re at home, the Countryman features rapid 22 kW AC charging if you have the right hardware to support it. There will be gasoline variants of the Countryman at the end of the year, too, with the base model and an upgrade model adopting the S ALL4 moniker. Mini says they will use updated and more powerful engines. Europe will get a diesel version, and there will also be a John Cooper Works performance variant at some point down the road. When it comes to fun driving, Mini again promises the Countryman will be an engaging to-drive crossover.

Watch feds crush classic Mini caught in importation dragnet

Fair warning for any classic car fans that suffer from high blood pressure: this story might not be good for your health. US Customs and Border Protection is teaming up with British law enforcement to keep unsafe, imported vehicles off the road here – like this Mini. In the government's view, the only way to make things right is to crush the cars, apparently. The destruction is part of Operation Atlantic, a crackdown on Minis and Land Rover Defenders that are being illegally imported. According to Yahoo Autos, this is just one of about 100 vehicles from the dragnet. This specific car came into the US in June, and its VIN indicated a model from 1988. However, the vehicle had a different engine than it should have, and the steering wheel was on the wrong side. It was likely actually from around 2000. To emphasize the crackdown, government officials and press gathered at a New Jersey junkyard to destroy the car. Check out the video below to watch the carnage and listen to the horrible crunching noises, and read the sad press release below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Trans-Atlantic Partnership Seeks to Crush Illegal Trade of Unsafe Vehicles NEWARK, New Jersey-U.S. Customs and Border Protection (CBP) destroyed an illegally imported and unsafe Mini Cooper Thursday at a salvage yard in New Jersey following a recent seizure at the Newark Seaport. CBP captured photos, b-roll and principal sound bites for use by news media. This Mini is just one of dozens of vehicles intercepted at ports of entry across the U.S, including ports in Baltimore, Philadelphia, Norfolk, Virginia, Charleston, South Carolina, Savannah, Georgia, Jacksonville, Florida, Houston and Tacoma, Washington. Over the past year, CBP has increased targeting and inspections of suspect imported vehicles, specifically Minis and Land Rover Defenders, as part of Operation Atlantic, a new trans-Atlantic partnership between U.S. and U.K. regulatory and law enforcement officials. "Intercepting illegal and unsafe imports is a top priority for CBP," said Brenda Smith, CBP's assistant commissioner for International Trade. "Through Operation Atlantic, we are stopping illegally imported, unsafe vehicles from driving on our roadways, and at the same time, partnering with our colleagues in the UK to stop this criminal activity at its source." Launched in March 2014 by CBP's Commercial Targeting and Analysis Center (CTAC), U.S.