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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.

Artists reinterpret Rolls-Royce scale models for charity

Everyone loves toy cars. Even artists, apparently. And even if they toys in question are higher-end "scale models" of high-end cars like Rolls-Royces. The British automaker recently assembled a dozen contemporary artists to render their individual creative interpretations based on 1:18 scale models of the Rolls-Royce Ghost. They'll be displayed at a showroom in the center of London before being auctioned off to raise funds for breast cancer. The resulting creations came out pretty interesting, ranging from a Rolls-based, Back to the Future-style time machine to another grown over with moss and mushrooms. One of the artists, Charming Baker, suspended his model in a resin block and drilled it through fourteen times to represent how breast cancer can affect us all. If you happen to wander by Berkeley Square in the British capital any time before the end of June, it may be worth stopping in to have a look. But if your plans won't be taking you to London this summer, you can check them out in the slideshow above. Maybe you'll see something you like a place a bid. It's all for a good cause. Related Video: ROLLS-ROYCE GHOST TRANSFORMED BY LEADING ARTISTS FOR BREAST CANCER CARE Twelve leading artists have created unique artworks, each featuring a 1:18 scale replica of the iconic Rolls-Royce Ghost, for a one-of-a-kind collection. These spectacular artworks, donated by some of the biggest names in contemporary art, will be on show from 20-25 May 2015 at Rolls-Royce Motor Cars London in Berkeley Square to raise valuable funds for Breast Cancer Care. The model motor car has been transformed to create an extraordinary collection of one-off art pieces, created by artists including: Maggi Hambling, Richard Wentworth, Gavin Turk, Mark Wallinger, JJ Adams, Sam Taylor-Johnson, Charming Baker, Natasha Law, Angela Palmer, Andrew Salgado, Stuart Semple and Yinka Shonibare. London artist Charming Baker, known for his emotionally charged work, explains the thinking behind his artwork, 'One in Eight'. "It is important to me that the work I produce for this brief is relevant to the subject matter we're dealing with. One in eight women in the UK will be diagnosed with breast cancer in their lifetime. So I have set the car in a clear block of resin, suspended in the middle of the block – floating, pristine. The block has been drilled 16 times, in a very orderly and simple grid pattern.

Rolls-Royce says SUV will in fact be called Cullinan, releases photos

We have known the upcoming Rolls-Royce luxury SUV is called is called Cullinan for a while now, but it took until today for the manufacturer to officially acknowledge the name. Referring to the quite simply enormous Cullinan diamond, Rolls-Royce says the name befits the new "high-bodied vehicle," carefully steering around the SUV moniker. "The name Cullinan has been hiding in plain sight since we revealed it as the project name some years ago," says Rolls-Royce CEO Torsten Muller-Otvos. "It is the most fitting name for our extraordinary new product. Cullinan is a motor car of such clarity of purpose, such flawless quality and preciousness, and such presence that it recalibrates the scale and possibility of true luxury. Just like the Cullinan Diamond, the largest flawless diamond ever found, it emerges when it is perfect and exists above all others." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. At the same time, Rolls-Royce also released new official photos of the Cullinan, though it is still wearing camouflage. One of the photos depicts a test mule climbing a muddy hill, a territory unclaimed by Rolls-Royces except for ones modified by privateer rally teams. The Cullinan, based on a new proprietary aluminum spaceframe, is expected to be unveiled by late summer 2018, with deliveries starting in 2019. The vehicle's introduction is planned to lift the brand's yearly sales to 5,000 units per year, as they fell to 3,362 in 2017. View 5 Photos Related Video: Image Credit: Rolls-Royce Motorcars Rolls-Royce SUV Luxury rolls-royce cullinan