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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 to auction one-off 115th birthday Phantom

Rolls-Royce and RM Sotheby's has announced a partnership amidst an expected luxurious environment, with a five-course dinner at Sotheby's redesigned 90,000-plus-square-foot New York City headquarters. As part of Rolls-Royce's 115th birthday celebration (the official date was May 4), the two announced a one-off, bespoke 2020 Rolls-Royce Phantom will be auctioned off this fall exclusively on Sotheby's online auction service. The lead image shows an early-stage sketch of what the special-edition Phantom could look like. There are extremely limited details about the car, but Rolls-Royce confirmed it will be red. It will also include "an original hand-crafted leather work of art" as part of the interior. We expect this to be in the same vein as the dashboard inlays and hand-stitching we've seen in past bespoke Rolls-Royces. Because the one-off car will be honoring a birthday, we wouldn't be surprised if it featured several indicators that mark the occasion. Think numbered door sills, treadplates, dashboard or console plaques, and possibly special-edition badges. This, of course, is speculation, but these are often features on these types of vehicles. The base price of a Rolls-Royce Phantom is approximately $450,000, and when we first tested the uber-luxe personal limo, it reached as high as about $650,000. And that was just a "regular" Phantom. As a guaranteed collector's item, a set price for this vehicle would likely cost significantly more. But its price is not set, as it will be sold through RM Sotheby's online auction. It seems likely that this thing could easily tick right past $1 million. Rolls-Royce said the car will be auctioned in the fall but gave no specific dates. We'll provide updates as soon as we get 'em. Related Video:

Rolls-Royce Wraith Eagle VIII commemorates 1919 transatlantic flight

Rolls-Royce is building a 50-car limited edition of the Wraith called the Eagle VIII that will debut at the Concorso d'Eleganza Villa d'Este event at the Lake Como. The vehicle commemorates two pilots that completed the first non-stop transatlantic flight 100 years ago. The story behind the flight is fascinating: Captain John Alcock and Lieutenant Arthur Brown flew all the way from St John's in Newfoundland to Clifden, County Galway, Ireland, in a WWI Vickers Vimy bomber. The aircraft's engines were two 20.3-liter Rolls-Royce Eagle VII units, and it appears the engines were the only reliable thing on the flight apart from the crew themselves: the radio and navigation instruments failed right at the beginning of the journey as the wind-driven electrical generator broke, which also meant there was no heating. Because of this, the men had to rely on stars to find Ireland, when dense clouds finally subsided. And it's the clouds and stars that form the centerpieces of the special edition car. The headliner contains 1,183 fibers that light up to form the celestial arrangement at the time of the flight in 1919, with the exact moment when the Vickers plane emerged from the clouds highlighted in red. The decorative wood has silver and copper inlays so it resembles a night-time Earth seen from above. Plaques read "The celestial arrangement at the halfway point 00:17am June 15 1919, 50" 07' Latitude North – 31" Longitude West", and next to the brass speaker grilles, there is a Winston Churchill quote commending the crew, the plane and their unprecedented achievement. "I do not know what we should most admire - their audacity, determination, skill, science, their aeroplane, their Rolls-Royce engines - or their good fortune", it reads. The crash-landing location coordinates are engraved below the dashboard clock. The 1,880-mile ordeal with no heat, occasional snow and a constant barrage of noise from burst exhaust piping took Alcock and Brown 15 hours and 57 minutes, at an average speed of 115 mph. Both aviators were awarded the honor of Knights Commanders of the British Empire by King George V. Alcock later perished after crashing another Vickers plane en route to the Paris Airshow in December 1919. Brown passed away at the age of 62 in 1948. Other detailing on the two-tone Gunmetal and Selby Grey car is also related to the record-breaking Vickers plane, including the black grille vanes that mimic the plane's engine cowling.