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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.

'Top Gear' episode 4 recap | A road trip through Borneo

Episode four of "Top Gear" season 27 is officially in the books, and if you like Freddie and Paddy, you probably enjoyed this one. The two went on a hell of an adventure through Borneo, but didn’t bring Chris Harris along for the ride. Maybe we were just getting accustomed to the three of them hanging out together, but the trip felt like it was missing something without Chris. Regardless, the feature film of this episode revolved around Freddie and Paddy driving the cheapest, rarest cars they could find. They bought them in Europe, then drove all throughout the island of Borneo, eventually reaching Brunei. Freddie got himself an Austin Allegro Estate, while Paddy made do with a Matra Bagheera S. If you had to look those cars up, we donÂ’t blame you. TheyÂ’re both rather obscure models, so itÂ’s safe to say they hit their mark on the rare requirement. Back at home base in England, Chris says he was reviewing a Rolls-Royce Cullinan. Funnily enough, Rolls wouldnÂ’t loan a Cullinan to "Top Gear" to test, so they had to go out and borrow one for the review. After listening to ChrisÂ’ thoughts on the SUV, it starts to become clear why Rolls may not have wanted the exposure. We wonÂ’t give it all away, but letÂ’s just say that the ultra-luxury ute didnÂ’t receive the most glowing of reviews. Bob Mortimer was the celebrity guest, so there were plenty of laughs to be had in his segment. He wasnÂ’t exactly fast in any of the car challenges, but the entertainment factor was certainly present with him cracking jokes. Even though the Borneo trip wasnÂ’t exactly the same without Chris, the other two managed quite well on their own. Freddie ate a live bug, and the mid-engine Matra made it to the end against all odds. Perhaps itÂ’s a testament to the companyÂ’s history of weathering tough conditions — Matra did win Le Mans three times throughout its history after all. At the very end of the episode, the boys made an admirable gesture by speaking out against the Sultan of BruneiÂ’s horrific laws against homosexual relations. They said that the filming for the episode occurred before the Sultan announced the new laws, and if "Top Gear" had known these rules would be enacted beforehand, they wouldnÂ’t have featured Borneo in their film. In response, Freddie and Paddy modified their Borneo rides with an epic paint job as a form of protesting the anti-gay laws. Good on ya, "Top Gear." Featured Gallery Top Gear episode 4 photos TV/Movies Rolls-Royce Top Gear

2018 Rolls-Royce Phantom First Drive | When only the best will do

Lucerne, Switzerland – Every car, regardless of where it is designed, built, or sold, can be described as a series of compromises. From economy hatchbacks to midsize sedans, fullsize pickup trucks to hybrid supercars, meeting a very specific set of criteria means intentionally missing all the rest. And so it is with the Rolls-Royce Phantom. Except that the only compromise worth talking about is that the buyer must possess a price-is-no-object desire for perfection. Before handing over the keys to a brand-new, eighth-generation Phantom, and shortly after rattling off nearly every positive-tinged adjective in the English language, Rolls-Royce communication director Richard Carter tells us that this car represents "the best that humankind can do in terms of luxury automobiles." A heady claim, but as it turns out, one that is difficult to dispute. Perhaps the biggest single element that advances this new Phantom past the model it replaces is Rolls-Royce's new Architecture of Luxury, a ground-up spaceframe platform that doesn't share its bones with any other product currently under the BMW umbrella. Not only is it 30 percent stiffer than the seventh-gen Phantom, the new architecture is flexible enough that it will form the basis for all future Rolls-Royce products. "Project Cullinan and eventually the next Ghost, Wraith, Dawn will ride on this architecture, as well as future coachbuild projects," said Philip Koehn, Director of Engineering for Rolls-Royce. Rolls-Royce goes to great pains to make the Phantom as malleable to the whims of its customers as possible. Besides the obvious paint and interior color choices – of which there are a great many – there's now a so-called Gallery option that makes up a large portion of the dashboard. It's a glass-enclosed space designed to house just about anything a Phantom customer could possibly want to put on display. We saw some beautiful ceramic work, jewel-like shell designs, and even a swath of iridescent feathers. Directly in front of the driver is a digital gauge cluster designed to mimic the look of traditional dials. It's resolution is high enough that individual pixels can't be made out from the driver's seat. We think some classically styled gauges would be more in keeping with the Phantom's mission statement, but that's our only gripe inside, and it's minor.