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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.

Check out some of the coolest Rolls-Royce Bespoke projects of 2023

The vast majority of buyers who order a new Rolls-Royce customize the car to some extent — the sky is the limit, and we're not talking about the one embedded into the headliner. As 2023 draws to a close, the British brand is highlighting some of the coolest requests it received. Rolls-Royce notes its Bespoke department received several unprecedented requests in 2023; one customer even asked for a special scent, and engineers had to develop several new paint processes. One of the highlights is the Phantom Syntopia, which the company labels "the most technically complex Bespoke commission ever undertaken." Created jointly with Dutch fashion designer Iris van Herpen, it explores a theme called "Weaving Water" with custom details on the hood, the dashboard, and the headliner, which took nearly 700 hours to make. Travel inspired several Rolls-Royce customers in 2023. Three units of the Cullinan Black Badge Lucid Nights were built for the South Korean market and painted in Lime Green, Indy Red and Tucana Purple, respectively, as a tribute to the neon-lit streets of Seoul. Moving closer to the brand's headquarters, the one-off Phantom Cinque Terre features styling cues inspired by some of Italy's most touristic villages and the wine made in that region. The headliner notably incorporates a map of Italy embroidered with no less than 14,338 individual stitches. Limited to 25 units, the Ghost Black Badge Ekleipsis Private Collection features styling cues from the world of astrology. It's finished in a color combination inspired by a total solar eclipse, and its headliner gains an animation that mimics an eclipse and lasts for seven and a half minutes. The dashboard gets a clock whose bezel incorporates a brilliant-cut 0.5-carat diamond — the first in Rolls-Royce's history. Riding in the one-of-one Rose Blossom Phantom should feel like sitting in a summer garden, without the sunburn and the wasps trying to taste your drink. Rolls-Royce embroidered flowers into the dashboard and the headliner, and it added four species of butterfly (Swallowtail, Peacock, Common Blue and Duke of Burgundy) to bring the backdrop to life. The headliner in this car required over 200 hours of work. Some buyers take a more personal approach to customization.

Rolls-Royce looks to the heavens with diamond-encrusted Celestial Phantom

The Middle East is a vital market for Rolls-Royce, particularly in the Gulf emirates. So the British automaker wouldn't let the region's premier auto show go by unnoticed, and to that end has rolled into the Dubai Motor Show with an array of special editions.
Chief among them is the Celestial edition Phantom, a customized limousine that initially debuted at the Frankfurt Motor Show but has returned to Dubai with the addition of 446 diamonds hand-set into the door panels, center console and cabin privacy partition. Taking the spirit of the Phantom's trademark starlight headliner even further, the Celestial edition reproduces overhead the constellations exactly as they were on the evening of January 1, 2003, when Rolls-Royce delivered the first Phantom to its owner, as verified by the South Downs Planetarium in Chichester, England.
The Bespoke division also fitted the Celestial Phantom with inky blue leather, special glassware and a custom picnic set. The wheel hubs are also engraved and the Spirit of Ecstasy hood ornament uplit, demonstrating just a few of the possibilities awaiting those with the means not only to buy a new Rolls-Royce, but also commission special features from the Bespoke department.