BERLIN—BMW AG said global economic and trade pressures as well as high investment costs would contribute to a significant decrease in the German luxury-car maker’s profit this year.

With that prospect, the company’s executives said Wednesday they would take steps to cut up to €12 billion ($13.62 billion) in annual costs and effectively freeze hiring in 2019. They also aim to eliminate as many as 4,000 jobs world-wide, relying on natural attrition rather than layoffs.

BMW...