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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 SUV codenamed Cullinan

A modern Rolls-Royce saloon may already be the size of some SUVs as it is, but the storied British automaker embarked upon a new dawn two weeks ago when it announced it would proceed with developing its first sport-ute. Only it's not calling it a sport-ute, SUV, crossover, off-roader or anything of the sort. It's calling it a "high-bodied car" (which is pretty much what any crossover is, when it comes down to it) that will drive "effortless... everywhere." And now it has a name. Sorta. The latest news from the UK indicates that the vehicle is being referred to internally as the Cullinan, taking its name from the world's largest diamond gem that adorns the Queen's scepter. Only that's neither the internal codename, strictly speaking, nor is it likely to be its nameplate once it reaches production. The project is codenamed RR31 (apparently as the 31st new model line being developed by the company) and is likely to carry a name more in line with the likes of Wraith, Ghost and Phantom in the brand's spooky nomenclature or draw on a dormant nameplate. The high-riding Rolls is tipped to launch a new alloy architecture for the company that would be unique to Goodwood's products and be rolled out first on the crossover before serving as the starting point for the next Ghost and Phantom families. Size-wise the SUV would slot in between the two, and likely enough in price position as well. Power would likely come from either the 6.6-liter twin-turbo V12 from the Ghost or the larger, older 6.75-liter atmospheric twelve used in the Phantom, but while a diesel was apparently ruled out (primarily due to the fuel's scarcity in certain markets as opposed to the increased NVH levels inherent therein), a hybrid is said to be in the mix. Though it's focused more on exclusivity than it is on volume, Rolls expects the SUV to bring in new customers and expand its production by around 30 percent or so. But that would be nothing new: The vast majority of Wraith and Ghost buyers have been new to the brand. Look for the crossover to launch in 2017, when it promises to crown the emerging class of high-end luxury crossovers and put even those being launched by the likes of Bentley and Maybach to shame. News Source: AutocarImage Credit: Rolls-Royce Rolls-Royce Crossover SUV Luxury Off-Road Vehicles rolls-royce cullinan autoblog black

Rolls-Royce brings Pebble Beach 2019 Collection to Monterey

Rolls-Royce brought 13 Bespoke Commissions to Monterey Car Week, each of them only available to guests attending car week. Among the pride, said to be inspired by the resurgent natural landscape of Pebble Beach after years of natural disasters, are a single Phantom, four Cullinans, four Dawns, two Ghosts, and two Wraiths. The Phantom gets the most modest treatment, attired — as usual — for business in a Black Diamond and Gold Bespoke exterior. The interior highlight is the Phantom Gallery, which turns a swath of the instrument panel into a canvas for personalized art. The four Cullinan SUVs begin to taste the rainbow, drenched in the luxury maker's iced finish, which Rolls-Royce says is one of its most popular offerings. The ice finish entails a mildly paradoxical combination of a matte color with an elegant shine, and on the quartet of Cullinans comes in Burnout Grey, Black Green, Iced Gunmetal, and Galilea Blue. Outside the collection but just as interesting from a color perspective, Rolls-Royce showed a bespoke Cullinan in Fux Orange, the paint named after a collector who asked Rolls-Royce to color-match a woman's wrap he bought in Miami. The Ghost, Wraith, and Dawn go all the way with color as part of a Pastel Collection, their "painter's palette of colors" keyed off the riot of ground cover and wildflowers newly returned to the Monterey Peninsula. They include three Black Badge Commissions, the aim to show that Black Badge need not mean somber or dowdy. Rolls-Royce did the same thing last year with its Paradiso Black Badge Collection in Quail Blue.  This year's Ghost Black Badge comes in the new color Light Green Solid over a black interior livened up by Serenity Green splashes. The Wraith wears Semaphore Yellow over a Selby Grey and Lemon cabin speckled by the Black Badge Starlight Headliner. The Dawn shows off Coral Solid on its bodywork and Aero Cowling, made pristine by seven coats of paint and more than nine hours of hand polishing. The interior gets Arctic White and Sunset leather, evoking the "blooming northern California hills and valleys." Every one of the Black Badge Commissions will feature a "Pebble Beach 2019" treadplate, and the hardtops all get Black Badge Starlight Headliners. Anyone who is keen to put money down has one more day to get to Monterey.