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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.

Watch the other new Top Gear host rap about a Rolls-Royce

The rebooted Top Gear revealed its full slate of new co-hosts last week, complete with a lineup of names and faces we know – and one we don't. That's Rory Reid, the one new host chosen from public auditions. Though most of us many never have seen his face or heard his voice, he's not new to reviewing cars on video. In addition to hosting automotive videos for CNET and Sky television, Reid is also automotive editor for a British video series called Recombu. Most of the reviews he's done for the YouTube channel are pretty straightforward, highlighting the strengths and weaknesses of whatever he's driving – from a Bentley Continental GT Speed or Range Rover Sport SVR to a Mini JCW or Peugeot 308 GTI. But when it came to the Rolls-Royce Ghost, Rory was evidently moved to take things in a different (and original) direction. Instead of simply describing the luxury sedan as most automotive journalists would, Reid rapped about it. The result is a pretty novel take on the usual car review, and no doubt helped him secure the spot on the revived BBC program alongside the likes of Chris Evans, Chris Harris, Eddie Jordan, Sabine Schmitz, Matt LeBlanc, and of course the Stig. See for yourself in the video above, and check out his other reviews in the playlist below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Recombu via YouTube, Carscoops TV/Movies Rolls-Royce Videos rolls-royce ghost rory reid rap rolls-royce ghost series ii

NBA sneakerhead P.J. Tucker has Rolls-Royce Jordan 3s that match his Cullinan

There aren't many sneakers that 33-year-old Houston Rockets forward P.J. Tucker does not own. The only sneakers he hasn't gotten his hands on are likely rare grails normal people have never even heard of. His collection surpasses 2200 shoes, and he spent more than $200,000 on sneakers just during the 2017-2018 season. For sneaker fanatics, nearly every time he steps on the court is a throwback to a moment in shoe history or the creation of a new one. Tucker debuted Jerry Lorenzo's Fear of God Nike collaboration. He wore Stewie Griffin-themed Nike LeBron 6s that are valued at about $20,000 on Christmas day. Highly sought-after Nike Off-Whites are like Converse Chucks to him. So, what can you gift the sneakerhead who has everything? Houston-based Post Oak Motors knew it couldn't just gift any old pair of kicks from Flight Club, so the dealership commissioned a pair of Rolls-Royce-themed Air Jordan 3s to match the Rolls-Royce Cullinan that Tucker had recently purchased. The custom kicks were crafted by Jake Danklefs and his crew at Dank & Co. As shown in his Instagram post below, they were made to mirror the color scheme of the Cullinan Tucker ordered, which has white paint over a red interior. From afar, they look pretty similar to the Pure White Jordan 3 retros, but the details set it far apart from that general release shoe. Aside from the red guts and icey translucent outsole, the shoe is made entirely of various textures and hues of white. It has gloss, it has matte leather, it has alligator print, and it has a secondary reptile print. It all comes together with the double-R Rolls-Royce logo on the tongue. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Tucker likes his cars, too. In addition to his Cullinan, he's flashed on Instagram a Miami Blue AWT Motorsports Porsche 911, a Rolls-Royce Phantom, a Lamborghini Aventador Roadster, and a Ferrari 488 Spider. He even has a photo of him with an old gold Nissan Maxima similar to the one his mom bought him for his first car when he was 14 years old. To some, this kind of sneaker obsession might seem frivolous or silly, but who are we to speak? We're car nerds, possibly the most money-sucking hobby there is. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: PJ Tucker via Instagram, Jake Danklefs Auto News Celebrities Rolls-Royce merchandise