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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.

Rolls-Royce gets Inspired by Film with latest Wraith special [w/video]

"You like me, you really like me!" If Rolls-Royce could tune its exhaust note to speak those words, (in Sally Field's voice, no less) we get the feeling it would. But since it can't it has done what it does best: launch a special edition. In this case, it's called the "Inspired by Film" edition, and it's based on the Wraith. Its creation was inspired by And the World Stood Still, a rather dramatic promotional video that accompanied the Wraith's launch two years ago. The film, which you can view below if you missed it the first time around, involved 100 DSLR cameras, 36 computers and nearly a mile of cabling, orchestrated in Barcelona to capture the spirit of the Rolls-Royce fastback. It was decorated with a Gold Award by the International Visual Communications Association and was recently admitted to the National Archive of the British Film Institute. So to mark the occasion, Rolls is rolling in to the New York Auto Show with this special edition. Taking the Silver Screen theme quite literally, it's decked out with two-tone silver paint, a solid silver Spirit of Ecstasy hood ornament and grey leather with ebony and aluminum trim. The special edition will be available to order right after its debut in Manhattan, and of course comes with the 6.6-liter twin-turbo V12 churning out 624 horsepower to make the Wraith the fastest, most powerful production model in the company's history. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. ROLLS-ROYCE WRAITH 'INSPIRED BY FILM' DEBUTS AS LAUNCH FILM IS ACCEPTED INTO BFI NATIONAL ARCHIVE 31 March 2015, Goodwood The groundbreaking Rolls-Royce Motor Cars Wraith launch film, 'And the World Stood Still', has been accepted into the BFI (British Film Institute) National Archive, the world's most significant collection of film and TV. To celebrate the event, Rolls-Royce Motor Cars has created Wraith 'Inspired by Film', which will debut at the 2015 New York Auto Show tomorrow, 1 April 2015. The film, which won a Gold Award at the 26th International Visual Communications Association (IVCA) Awards, caught the attention of the BFI's Senior Curator for Non-Fiction Films, Patrick Russell, who considered it a striking piece of contemporary cinematography and so decided to accept it into the archive. "We are delighted to see Rolls-Royce's Wraith launch film enter the BFI's collection," commented Russell.

Rolls-Royce gets down to testing new aluminum architecture

Rolls-Royce is preparing to step – or serenely glide – into modernity. It has a new aluminum architecture under development that's set to underpin all its future products. And now it's giving us a taste of what's to come. Goodwood first announced the new platform in February when it revealed intentions to build its first SUV. Now it's saying the architecture won't just underpin the crossover known tentatively as Project Cullinan – it'll form the basis of every model it makes from 2018 onwards. Rolls is already testing the new platform with mules like the one pictured above. The vehicle would appear to be a Phantom behind a mask, but the way that Rolls has disguised the rear end of the prototype tells us it might be wearing a more wagon-like roofline, the likes of which we'd expect to see on the crossover when it arrives. The company's also been testing its first all-wheel drive system for the same project with another type of test mule entirely. Once Project Cullinan is complete, Goodwood's first SUV will launch into a market filled with high-end products. Porsche is firmly established in the sector, and Range Rover is making ever-more expensive models. Soon Bentley, Jaguar, Aston Martin, Maserati, and Lamborghini will also join the fray, but the Rolls-Royce will likely be the most expensive and most luxurious of them all. ROLLS-ROYCE MOTOR CARS ANNOUNCES FUTURE ENGINEERING DEVELOPMENTS In February 2015, Rolls-Royce Motor Cars announced the development of an all-new aluminium space-frame architecture that will underpin all future Rolls-Royce models arriving in market from early 2018. The company today announced that it has begun the testing phase of this new architecture, with early preparatory activity seeing new engineering mules tested in public around the world. The Architecture of Pure Luxury The future of pure luxury motoring is already taking shape as Rolls-Royce Motor Cars begins testing its new aluminium space-frame architecture which will underpin all future Rolls-Royce model lines. The architecture will arrive in market from early 2018. Engineering mules will be assessed on public roads in various locations around the world. The current testing phase aims to ensure that the new space-frame structure perfectly delivers Rolls-Royce's trademark 'magic-carpet ride' on a variety of surfaces and that it is resilient to extreme weather conditions.