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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 teases Wraith debut in Geneva

Rolls-Royce is headed to the 2013 Geneva Motor Show with a new addition to its lineup: the Wraith. The ultra-luxury automaker says it plans to start deliveries by the fourth quarter of this year, though details are scarce at the moment. The automaker has contented itself with saying the Wraith will the "most dynamic, powerful and beautiful Rolls-Royce in the company's history." We hear it will be the most modest, too.
Rolls-Royce first began using the Wraith nameplate in 1938. The original car used a tweaked version of the 4.3-liter inline six-cylinder found in the company's 25/30, but its real claim to fame came from the fact that it boasted speed-variable hydraulic dampers. Capable of reaching speeds of up to 85 miles per hour, Rolls-Royce only built 492 examples of the vehicle's chassis.
You can look for the new Wraith to bow at the Geneva Motor Show in March. In the interim, check out the shockingly bare press release below and get ready for a spate of teasers to follow.

Rolls-Royce rolls out one-off Ghost Golden Sunbird in China

In 2001, archeologists in the palace city of Chengdu, China, uncovered the Golden Sun Bird, an ancient artifact that dates back to the Shang Dynasty from 1000 BC. The disc depicts the sun and is made of almost solid gold, measuring five inches across and weighing 20 grams. The city adopted it as its logo, and now Rolls-Royce has commemorated the find and the heritage behind it with a unique one-off.
Based on the long-wheelbase version of the Ghost, the Golden Sunbird edition features a two-tone white and gold paint scheme, with gold coachline and gold grille topped by a gold Spirit of Ecstasy. The interior has likewise been gilded with gold embroidery atop the light brown leather and white trim to match the coachwork.
The result may be elegant but is certainly not subtle. And of course it's just the latest in a long line of special editions and one-offs Rolls-Royce has crafted, particularly for markets in the Middle and Far East.