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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 Phantom Series II introduced for 2023

Rolls-Royce sent its Phantom off to finishing school for 2023. What came back is the Series II, which Rolls itself acknowledges as a "subtle" evolution of the iconic superluxury sedan. To mark the occasion, the company commissioned a one-off model named Platino (for "platinum"), which is pictured below.  "The subtle changes we have made for the new Phantom Series II have all been minutely considered and meticulously executed. As Sir Henry Royce himself said: ‘Small things make perfection, but perfection is no small thingÂ’,” said Rolls-Royce CEO Torsten Muller-Otvos in the company's official announcement.  The Phantom Series II received what Rolls-Royce described as a "light-touch" aesthetic update. The grille is just a touch more upright and is now illuminated (a cue borrowed from the Ghost) and the headlights now feature a laser-cut pattern designed to mimic the Rolls-Royce-signature "Starlight" headliner in the Phantom's interior. Two new wheel options have been added. The first is a 3D-milled stainless wheel featuring triangular facets; the second is the 1920s-style disc available in either stainless or black lacquer finish.  Inside, nothing has really changed, but you'd be unlikely to notice one way or the other since no two Phantoms ever really look alike unless they're deliberately commissioned thusly. Rolls-Royce says the steering wheel is the only interior upgrade of note; it was made slightly thicker. The infotainment system was also updated to incorporate Rolls-Royce Connected, which talks to its digital concierge smartphone app, Whisper. That allows owners to monitor the Phantom's vitals, send destinations to the navigation system or schedule service.  The Phantom Platino (that white one above) is a perfect illustration of what we said above about no two Phantoms looking the same. Rolls-Royce's Bespoke individualization program is busy pretty much 24/7 putting together one-of-a-kind creations for its uber-wealthy customers. The Platino's fabric rear seats are a nod to the early days of Rolls-Royce, when front seats were leather-adorned but the rear were covered in upholstered cloth.  Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Rolls-Royce confirms new luxury SUV name

Transcript: Rolls-Royce confirms name of new luxury SUV. Rolls-Royce officially acknowledges Cullinan as the name of its new “high-bodied vehicle.” The automaker is steering around the SUV moniker. The name Cullinan comes from the largest flawless diamond ever found. The Cullinan will share a platform with the Phantom. Meaning it will likely get a 6.75-liter twin-turbo V12 engine with an 8-speed automatic transmission. With a possible output of 563 horsepower and 664 pound feet of torque. The Cullinan looks nearly ready for production and we expect the wraps to come off in the next few months. With deliveries starting in 2019. Rolls-Royce Cullinan will be the official name of the luxury automakers SUV. The “high-bodied vehicle” is named after the Cullinan diamond, the largest flawless diamond ever found. We expect the official reveal of the Cullinan in the next few month. For more coverage head over to autoblog.com Rolls-Royce SUV Autoblog Minute Videos Original Video camouflage