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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.

2016 Mini Convertible puts the tanning salon on wheels

Here's a basic tenet of the Mini product schedule – a new generation Mini Hardtop debuts and then, within a year or two, it's followed by a convertible variant. Considering this, the debut of the third-generation Convertible – less than two years after the third-gen hardtop – is right on schedule. Slated to arrive in dealers right in time for the start of the 2016 convertible season, the latest Mini Convertible doesn't really shock. It takes the same basic look below the beltline, and pairs it to a power-folding softtop that does a much better job of maintaining the Hardtop's iconic silhouette. That said, the size of that "C-pillar," for lack of a better phrase, is immense. We doubt this new model will do anything to improve on the last Convertible's awful blind spots. Mechanically, the soft top can be raised or lowered in just 18 seconds and at speeds of up to 18 miles per hour. Like the two generations of Convertible that came before it, this latest droptop uses the same engine lineup as the three-door model. For the standard Cooper, BMW/Mini's 1.5-liter, turbocharged triple is still offering up 134 horsepower, 162 pound-feet of torque, and a 0-60 time of 8.2 seconds with the automatic and 8.3 seconds with the manual. For the Cooper S, the 2.0-liter, turbocharged four-cylinder dishes out 189 hp and 207 lb-ft of torque, along with 0-60 times of between 6.7 and 6.8 seconds, depending on the transmission. Those gearboxes have also been plucked from the Hardtop models, with standard six-speed manuals and optional six-speed automatics, regardless of engine. Yep, that's right, the excellent eight-speed auto from the Mini Cooper S Clubman isn't being offered on the Cooper S Convertible. We've got a huge array of photos of the new Mini Convertible, which puts a particular emphasis on the handsome, droptop-specific Caribbean Aqua of the base Cooper. Check out the photos, and then scroll below for the official press release from Mini. Related Video: OPEN DRIVING EXCITEMENT: INTRODUCING THE NEW MINI CONVERTIBLE Open Driving Excitement: Introducing the New MINI Convertible Newest member of MINI lineup goes on sale in U.S. in March 2016 First open top MINI powered by BMW Group engine technology and architecture Woodcliff Lake, NJ – October 22, 2015 – MINI USA introduced today the newest addition to its iconic product line, the new MINI Convertible.

BMW shuffles chairs in its design department

BMW Group has made some changes to its design team since August 1, and has shuffled top personnel to different positions at BMW Design, Mini Design and Rolls-Royce.
The BMW Design team led by Karim Habib (middle, right) gains a new head of Exterior Design in Domagoj Dukec (right), who has worked for the exterior design team since 2010 and shaped the Concept Active Tourer.
Oliver Heilmer (left), who has worked for BMW's interior design unit since 2000 and designed the 5 Series interior, replaces Marc Girard as head of Interior Design BMW Automobiles. Marc Girard goes to manage BMW's subsidiary design group, BMW DesignworksUSA.