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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 could go electric, if battery tech advances

After toying with the idea a few year ago, Rolls-Royce isn't ready to completely give up on the idea of an electric model quite yet. Still, a hyper-luxurious EV from the opulent brand might not happen any time soon. "Suppose we find a battery technology that can offer ranges that are acceptable to our customers," brand boss Torsten Muller-Otvos said, according to Automotive News. "I can definitely imagine a fully electric Rolls-Royce." Muller-Otvos was clear that no final decision on an EV or even a much-rumored plug-in hybrid has been made yet. Rumors of an EV from the brand go back years. At the 2011 Geneva Motor Show, Rolls-Royce showed that it wasn't completely against going electric. The 102EX concept (pictured above) was based on a Phantom but with two, 194-horsepower electric motors and a 71-kWh battery to power them. The company claimed the behemoth had an estimated range of 124 miles and could hit 60 miles per hour in under eight seconds. At least one journalist even got to drive it. However, the brand's wealthy customers reportedly weren't convinced, and the project was canned. In 2014, several reports began suggesting a plug-in hybrid Rolls under development that would answer concerns about range and charging time amongst the clientele. This powertrain could debut on the next-gen Phantom around 2017, and it's likely to be borrowed from parent company BMW.

Neglected Rolls-Royce Phantom may be the saddest of all time

Rolls-Royce prides itself on exemplifying the pinnacle of automotive elegance. The brand is synonymous with quality and luxury. However, in the end even a Rolls is still just a car, and if you don't keep it up, it's bound to fail. That deterioration can be seriously fun to watch, though.
This 2005 Rolls-Royce Phantom might now be one of the worst cars on the planet and only has a little over 95,000 miles on it. The video claims that the original owner in New Jersey didn't make payments on the car for three years but rented the sedan out to people and used it for a livery service. Now, it's repossessed and would probably cost more to fix than it's worth.
This Phantom has had a hard life. We don't want to spoil too many of the broken pieces because they pile up to become increasingly absurd. However, the pièce de résistance must to be the broken Spider-Man umbrella in the door.