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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.

Everybody's doing flying cars, so why aren't we soaring over traffic already?

"Where's my flying car?" has been the meme for impending technology that never materializes since before there were memes. And the trough of disillusionment for vehicles that can take to sky continues to nosedive, despite a nonstop fascination with flying cars and a recent rash of announcements about the technology, particularly from traditional automakers. Earlier this month, Toyota applied for an eye-popping patent for a flying car that has wheels with spring-loaded pop-out helicopter rotors. The patent filing says the wheels/rotors would be electrically powered, while in on-land mode the vehicle would have differential steering like tracked vehicles such as tanks and bulldozers. At an airshow in July, Aston Martin unveiled its Volante Vision Concept, an autonomous hybrid-electric vertical takeoff and landing (VTOL) vehicle it developed with Rolls-Royce. Aston says the Volante can fly at top speeds of around 200 mph and bills it as a luxury car for the skies. Audi used the Geneva Motor Show in March to unveil a flying car concept called the Pop.Up Next it developed with Airbus and Italdesign. If the Pop.Up Next, an electric and autonomous quadcopter/city car combo, gets stuck in traffic, an app can be used to summon an Airbus-developed drone to pick up the passenger compartment pod, leaving the chassis behind. Audi said that the Pop.Up Next is a "flexible on-demand concept that could open up mobility in the third dimension to people in cities." But Audi also acknowledged that at this point it has no plans to develop it. The cash-stoked, skies-the-limit Silicon Valley tech crowd is also bullish on flying cars. The startup Kitty Hawk that's backed by Google co-founder Larry Page announced in June that it's taking pre-orders for its single-seat electric Flyer that's powered by 10 propellers and is capable of vertical takeoffs and landings. The current version can only fly up to 20 mph and 10 feet in the air and has a flight time of just 12 to 20 minutes on a full charge. The Flyer is considered a recreational vehicle, so doesn't require a pilot's license. Uber says it plans to launch its more ambitious Elevate program and UberAIR service in 2023. "Uber customers will be able to push a button and get a flight on-demand with uberAIR in Dallas, Los Angeles and a third international market," Uber Elevate promises on its website.

Rolls-Royce bringing one-off Serenity to Geneva

Rolls-Royce is bringing Serenity of the Phantom kind, not the Joss Whedon kind, to the Geneva Motor Show. In case being driven around in 19-feet of extravagance wasn't enough, the firm's Bespoke Design team has stitched together a silk interior inspired by its historic cars, European furniture and Japanese Royal Kimono designs. We're told the result is a "haven of tranquility," as if that weren't the case before. It's also called "the most opulent interior of any luxury car," which makes us think Rolls-Royce won't let us get within 30 feet of it with our half-finished convention hall coffee and ham sandwich. We'll start cleaning up for the privilege now; there's a press release below in the meantime. Show full PR text ROLLS-ROYCE MOTOR CARS TO BRING SERENITY TO THE 2015 GENEVA INTERNATIONAL MOTOR SHOW 12.02.2015 -- The Rolls-Royce Motor Cars stand at this year's Geneva International Motor Show will be a haven of tranquility as the celebrated marque brings Serenity to Switzerland. Celebrating the historical role played by silk as a symbol of regal and imperial power, the Rolls-Royce Motor Cars Bespoke Design team has created a magnificent one-off motor car which will set a new benchmark for luxury individualisation in the motor industry, and reaffirm that Bespoke is Rolls-Royce. Delivering authentic modern luxury, Serenity will reintroduce the finest of textiles to create the most opulent interior of any luxury car. This unique design demonstrates the levels of craftsmanship, creativity and attention to detail only Rolls-Royce Motor Cars can offer. The marque's Bespoke Design team has taken inspiration from the opulent interiors of Rolls-Royces that have conveyed Kings and Queens, Emperors and Empresses and world leaders throughout history, whilst using contemporary interpretations of European furniture combined with Japanese Royal Kimono designs to deliver a truly innovative, modern and tranquil Rolls-Royce interior. The new benchmark in super-luxury motor cars will be unveiled at a press conference in Hall 6 of the Geneva International Motor Show at 13.30hrs on 3rd March. The car will be on the stand for visitors to admire from 5th to 15th March. Design/Style Geneva Motor Show Rolls-Royce Luxury Sedan rolls-royce phantom