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BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

BMW looking to save billions with cost cuts

BMW is planning a fairly extensive overhaul in a bid to recoup some its annual costs, with CEO Norbert Reithofer (pictured above) aiming to save three to four billion euro ($4 to $5.4 billion) per year to help keep the company's profit margins between eight and 10 percent, while also maintaining investments in production expansion and new tech. BMW's profit margins sat at 9.4 percent in 2013.
According to Automotive News Europe, Reithofer is none too pleased about costs at Mini and on the 1 Series, although neither AN nor its source story, from Germany's Manager Magazin, elaborate on what steps could be taken to improve losses on either project. That makes it hard to figure out just where the fat will be trimmed from.
What may happen, though, is that BMW attempts to trim 100 million euros ($135 million) from its German labor costs each year; a solution hinted at a few weeks ago by Germany newspaper Muenchner Merkur. While a dramatic cost reduction, 100 million euros still doesn't begin to even approach the savings envisioned by Reithofer.

Mini forgets to bring car to LA, shows Citysurfer concept scooter

See that red thing? It's the Mini Citysurfer Concept. It is not, in case you were wondering, an automobile. Yet despite this apparent shortcoming, Mini has placed it on a plinth at the 2014 Los Angeles Auto Show.
The electric scooter weighs in at 40 pounds, can hit 15 miles per hour, cover 10 to 15 miles and can be folded up and charged in the trunk of a Mini Cooper (or any other vehicle with a 12-volt outlet and a roomy enough cargo area). According to the British marque, these qualities will give the scooter's owner the "spontaneous and convenient mobility even in those sections of an urban area not accessible to motorized vehicles."
It's not terribly difficult to see the appeal, as Mini explains it. With urban congestion becoming an increasingly serious problem - and some cities beginning to ban cars outright - the idea of an easy to charge and easy to stow runabout is extremely attractive. That's doubly true in the case of the Citysurfer, which is rather well equipped, as far as scooters go.