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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.

BMW begins restoring Elvis Presley's 507 [w/video]

Imagine the King of Rock n' Roll driving a car and you'll likely picture a pink Cadillac or a yellow De Tomaso shot full of holes. But Elvis also owned a 1957 BMW 507 roadster, and now that roadster is returning home to BMW headquarters.
The 507 was a rare bird, of which only 254 examples were ever made. They were sold mostly to celebrities and royalty, but Elvis Presley was a GI when he bought it while stationed in Germany. The example that he bought had been displayed at the Frankfurt Motor Show, used as a press car and raced by Hans Stuck (which is how Elvis came to see it in the first place), so when he took delivery of it second-hand, the dealership had a new engine installed. It was originally white, but legend has it that Elvis got tired of women writing their phone numbers on the side of it in lipstick that he had it repainted in red.
Stories differ on what exactly happened to it next, with some saying that he returned it once the lease was up and other saying that the army shipped it back to him in the States after his tour was over. But what we do know is that the car sat for many years, neglected but sheltered from the elements. Now it's heading to the the BMW Museum in Munich, where it will be on display until August 10, after which the BMW Group Classic department will undertake a comprehensive restoration of the star-studded roadster that's expected to take two years of work.

Next-gen BMW 7 Series options include 'Sky Lounge' roof, leather engine cover

When it comes to luxury and technology, the theme of the next-generation BMW 7 Series appears to be 'everything, everywhere.' Two of the new options joining what will be an extensive list are the Sky Lounge panoramic glass roof, said to be a nod going all the way back to the Concept 5 Series Gran Turismo showed off at the 2009 Geneva Motor Show. That is clearly about the light, but what about the leather? That's going to cover everything it seems, should the buyer choose. Auto Evolution says it's been told about a 3CM option code, which equates to a Leather Engine Cover. If it's offered, though, it won't be the first time BMW has done it, of a sort: the $10,800 Pure Impulse package on the BMW i8 wraps the engine cover in leather, but in the i8 the engine is in the rear, under the trunk floor, so we're really talking about a leather-floored cargo bay. No one knows yet what it would look like atop a conventional engine, and no one appears to have any clue, frankly, as to why it's even an option. The 7 Series will pack a bunch more besides within its new aluminum and carbon fibre platform and redrawn bodywork, the sedan is reportedly targeting a curb weight that's less than the current 5 Series. There'll be four sculpted seats in the cabin, with rear seats apparently offering the range of options available on the front seats, a redesigned iDrive system with a touchscreen LCD that reads gestures, wireless smartphone charging, Bowers & Wilkins audio instead of Harman Kardon, heads-up data sharing between passenger and driver via swipes, laser headlights and an i8-like key fob with limited self-parking functions. That's a serious goody bag of tech, which we expect to get our hands in at the Frankfurt Motor Show. Featured Gallery BMW 7 Series: Spy Shots View 9 Photos News Source: Auto EvolutionImage Credit: CarPix BMW Technology Luxury Sedan