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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.

Six luxury-car features I'm ashamed to admit I love

A hot compress felt wonderful on my sore back. The methodical kneading of my shoulder blades loosened the knots that formed over several hours of driving. The Swedish-style pulses firing into my lumbar region released more tension.
I wasn't getting a much-needed massage following a recent road trip. I was getting it during the road trip.
I grew up riding in the back seat of a 1976 Chevy Nova. But once you use these lux features, it's easy to go soft.

Rolls-Royce announces one Ghost of a recall

Recalls come in all sizes, some numbering in the hundreds and some in the millions. Given the small volume that Rolls-Royce sells, we wouldn't expect a recall of any of its vehicles to be all that large in scope. But this one is as small as it gets. In the latest campaign announced by the National Highway Traffic Safety Administration, the BMW Group (owner of Rolls) is calling in one – yes, just one – example of the Rolls-Royce Ghost. It's a 2015 model manufactured on Jan. 23, 2014, and includes some potentially problematic airbags. According to the statement below, the thorax airbags in both the front seats may not be up to code, and therefor do not protect the occupants as they're supposed to. As a result, the automaker is prompting the local dealer to replace the relevant modules on both the driver's and passenger's side. Given that it's just one vehicle, and that the 'effort' already began a couple of weeks ago, we wouldn't expect this one to drag on for very long. RECALL Subject : Side Impact Crash Worthiness/FMVSS 214 Report Receipt Date: OCT 23, 2015 NHTSA Campaign Number: 15V695000 Component(s): AIR BAGS Potential Number of Units Affected: 1 Manufacturer: BMW of North America, LLC SUMMARY: BMW of North America, LLC (BMW) is recalling one model year 2015 Rolls-Royce Ghost manufactured on January 23, 2014. The affected vehicle has thorax air bags fitted to both front seats that may fail to meet the side impact performance requirements for the front seat occupants. As such, this vehicle may fail to comply with Federal Motor Vehicle Safety Standard (FMVSS) number 214, "Side Impact Protection." CONSEQUENCE: In the event of a vehicle crash necessitating air bag deployment, this may increase the risk of injury to the front seat passengers. REMEDY: A Rolls-Royce dealer will replace the driver-side and passenger-side thorax air bag modules, free of charge. The recall began October 22, 2015. Owners may contact Rolls-Royce at 1-877-877-3735. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Related Video: Featured Gallery 2015 Rolls-Royce Ghost Series II: First Drive View 43 Photos News Source: National Highway Traffic Safety AdministrationImage Credit: Copyright 2015 AOL Recalls Rolls-Royce Luxury Sedan rolls-royce ghost