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BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

Dubai man shells out $9 million for license plate

An Indian businessman lived up to Dubai's wild reputation last week when he dropped a cool $9 million on a single-digit license plate for his Rolls-Royce. According to the Independent, Balwinder Sahani, an Indian-born property developer living in Dubai, won plate number D5 at a government auction on Saturday, October 29. This isn't the first time Sahani has scored a coveted low-number plate at auction, either. The self-proclaimed 'simple man' spent nearly $7 million dollars on plate O9 at an auction last year for his other Rolls-Royce, and picked up a second, unnamed plate at Saturday's auction for a piddling $272 thousand. Sahani considers the money he spends collecting license plates a form of charity and public service. Dubai has no income tax, and the money spent chasing elite license plates goes directly to Dubai's Roads and Transport Authority. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. "I believe in giving back," Sahani told the Independent. "This city has given me a lot." Single digit license plates are highly sought after as status symbols by the rich and powerful in the UAE, and the lower the number the higher the price. Back in 2008, a businessman named Saeed Al Khouri in Abu Dhabi set a record by paying $14 million for plate number 1. These displays of conspicuous consumption are de rigeur in the Emirates. Earlier this year, a set of gold and diamond encrusted tires certified as " The Most Expensive Tires in the World" by Guinness sold in Dubai for around $600,000 dollars. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: The Independent, FortuneImage Credit: AP Auto News Weird Car News Rolls-Royce license plate dubai

Rolls-Royce 103EX Concept | Autoblog Minute

The Rolls-Royce 103EX is a vehicle that looks to the future, offering a vision of the luxury automaker?s next century. Rolls-Royce calls its fully autonomous, zero emissions concept vehicle a masterpiece. Rolls-Royce Autonomous Vehicles Autoblog Minute Videos Original Video