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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 confirms Wraith convertible for 2015

Until a few years ago, the Rolls-Royce product portfolio revolved around one model line, and that was the Phantom. But with the launch of the Ghost in 2010, the Goodwood-based automaker is expanding further. As with the Phantom line, a long-wheelbase Ghost ensued, followed by a coupe in the form of the Wraith. And now, as might have been expected, Rolls-Royce has reportedly confirmed development of a new convertible based on the same platform.
The new cabrio will be based closely on the Wraith, only with a convertible roof. Expect the same 6.6-liter twin-turbo V12 that powers the Wraith to carry over with the same 624-horsepower output - the highest of any production Rolls-Royce - but with a bit more weight to push, the convertible ought to be a bit more sluggish off the line than the Wraith's 4.4-second 0-60 time.
We can also expect a higher sticker price, but closer to the Wraith's $320,000 MSRP than the Phantom Drophead Coupe's $470k. Whether Rolls opts to call it the Wraith DHC or use another nameplate entirely remains to be seen, but Autocar reports that the new Rolls cabrio won't arrive until 2015, so we've got a little while to go.

I got to see the Rolls-Royce Dawn

It may look like a Wraith convertible, but that doesn't do this new Rolls justice. In mid-May, Rolls-Royce announced the name of its forthcoming convertible: Dawn. Two days after that news was released, I saw the new car in Beverly Hills, CA. And as you can probably guess from earlier spy shots, not to mention my choice of lead photo, it looks like a Wraith convertible. Well, sort of. Before getting a full briefing of the new Dawn, I was frisked, security guards waved handheld metal detectors around my limbs, and my iPhone was confiscated. I was left standing outside a glamorous mansion with no more than a blue notebook, a pen, a glass of champagne, and gorgeous views of the Hollywood hills and Pacific Ocean. I was told to keep my mouth shut about everything I was about to see, until further notice. So no, I can't tell you everything I know about the Rolls-Royce Dawn; the company wants to save some information for the car's official unveiling in September at the Frankfurt Motor Show. I don't have photos. I don't even have a napkin sketch. Instead, I'm now allowed to tell you my impressions of the car I saw. It may look like a Wraith convertible, but that phrase alone doesn't do this new Rolls justice. Fabulous places. Shared social occasions. That's the sort of imagery Rolls-Royce wants to convey with the Dawn. In an effort to really convey this, Rolls-Royce opted to give the car a totally different name – that's why it isn't called Wraith Drophead Coupe, like the convertible version of the flagship Phantom. "'Dawn' perfectly expresses the character of the new Rolls-Royce. In its tentative, inchoate, anticipatory state, dawn is the world coming to light from the ethereal dark of the night," the company said in its original release. The Dawn name also harks back to the incredibly exclusive Silver Dawn from the 1950s, pictured above. Fabulous places and fabulous people. Shared social occasions. That's the sort of imagery Rolls-Royce wants to convey with the Dawn. After a hearing details that shall not be mentioned here (yet), I met the Dawn for the first time. The car drove up a path to the Beverly Hills mansion's courtyard, top up, modern music playing in the background. This was the first time in recent memory that a convertible was introduced with its roof affixed, but this was intentional. With the roof on, the differences between Wraith and Dawn are immediately noticeable. View 8 Photos With the roof up, the big droptop sort of looks like a hot rod.