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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.

First Dawn from Rolls-Royce raises $750k in charity auction

Even for a Rolls-Royce, $750,000 seems like a lot of money. But that's how much one customer paid this past weekend for the privilege of acquiring the very first example of the new Dawn convertible. And we're glad to report that the the money is going to a good place. Rolls-Royce introduced the Dawn this past September at the Frankfurt Motor Show as the convertible counterpart to the Ghost sedan and Wraith coupe. It's set to take on the likes of the Bentley Continental GTC and Mercedes S-Class Cabriolet, packing a 6.6-liter twin-turbo V12 good for 563 horsepower and 575 pound-feet of torque up front and a folding fabric roof over its four-seat cabin. The company's Bespoke division set up this particular example in Andalusian white, with a deep red roof, red coachline, and a corresponding interior in red and white with Indian rosewood paneling and special treadplates. Valued at over $400,000, the vehicle was donated for the charity auction at the Naples Winter Wine Festival held this past Saturday to benefit the Naples Children & Education Foundation. The winning bid of $750,000 was placed by insurance mogul and hedge fund manager Julian Movsesian, pictured inset at left with Rolls-Royce CEO Torsten Muller-Otvos. He'll take delivery in April from the dealership in Naples before anyone else gets theirs. Over the same weekend in Arizona, an Acura NSX sold for $1.2 million, a COPO Camaro for $300k, and Jay Leno's Harley-Davidson edition Ford F-150 for $200k – all of them the first of their kind, and all benefiting charitable causes. Related Video: Rolls-Royce Dawn Raises $750,000 For Children's Charities As The Brand Marks A New Era With The Most Social Rolls-Royce Ever NAPLES, Fla., Feb. 1, 2016 /PRNewswire/ -- - Dawn brought a winning bid of $750,000 at the 2016 Naples Winter Wine Auction - California area collector to receive the very first Rolls-Royce Dawn globally - Over past 15 years, Rolls-Royce Motor Cars have grossed $4.8M in bids for the auction - Proceeds to benefit Naples Children & Education Foundation It is one thing to bid on a prize as rare as a Bespoke Rolls-Royce and quite another to bid on the once in a generation opportunity to be the first owner of the newest member of the Rolls-Royce Motor Car family, the all-new Dawn.

Rolls-Royce says SUV will in fact be called Cullinan, releases photos

We have known the upcoming Rolls-Royce luxury SUV is called is called Cullinan for a while now, but it took until today for the manufacturer to officially acknowledge the name. Referring to the quite simply enormous Cullinan diamond, Rolls-Royce says the name befits the new "high-bodied vehicle," carefully steering around the SUV moniker. "The name Cullinan has been hiding in plain sight since we revealed it as the project name some years ago," says Rolls-Royce CEO Torsten Muller-Otvos. "It is the most fitting name for our extraordinary new product. Cullinan is a motor car of such clarity of purpose, such flawless quality and preciousness, and such presence that it recalibrates the scale and possibility of true luxury. Just like the Cullinan Diamond, the largest flawless diamond ever found, it emerges when it is perfect and exists above all others." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. At the same time, Rolls-Royce also released new official photos of the Cullinan, though it is still wearing camouflage. One of the photos depicts a test mule climbing a muddy hill, a territory unclaimed by Rolls-Royces except for ones modified by privateer rally teams. The Cullinan, based on a new proprietary aluminum spaceframe, is expected to be unveiled by late summer 2018, with deliveries starting in 2019. The vehicle's introduction is planned to lift the brand's yearly sales to 5,000 units per year, as they fell to 3,362 in 2017. View 5 Photos Related Video: Image Credit: Rolls-Royce Motorcars Rolls-Royce SUV Luxury rolls-royce cullinan