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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.

Neglected Rolls-Royce Phantom may be the saddest of all time

Rolls-Royce prides itself on exemplifying the pinnacle of automotive elegance. The brand is synonymous with quality and luxury. However, in the end even a Rolls is still just a car, and if you don't keep it up, it's bound to fail. That deterioration can be seriously fun to watch, though.
This 2005 Rolls-Royce Phantom might now be one of the worst cars on the planet and only has a little over 95,000 miles on it. The video claims that the original owner in New Jersey didn't make payments on the car for three years but rented the sedan out to people and used it for a livery service. Now, it's repossessed and would probably cost more to fix than it's worth.
This Phantom has had a hard life. We don't want to spoil too many of the broken pieces because they pile up to become increasingly absurd. However, the pièce de résistance must to be the broken Spider-Man umbrella in the door.

Custom Rolls-Royce Rose Phantom is a private garden party for two

What a Rolls-Royce customer wants, a Rolls-Royce customer gets. An entrepreneur from Stockholm, Sweden, named Ayad Al Saffar recently commissioned this bespoke Phantom with the dream of being enveloped in an elegant floral arrangement. Using a rose garden at the House of Rolls-Royce as inspiration, designers shaped more than one million embroidered stitches into an entanglement of greenery, flowers, and butterflies. Rolls-Royce Motor Cars CEO Torsten Muller Otvos calls it the Rose Phantom.  Apparently, the person who ordered this Phantom likes flowers so much that he named two of four children after plants. Now, a personal garden goes anywhere the car goes. The custom order was a natural fit in the Phantom, as the Rolls-Royce Rose Garden in Goodwood, West Sussex, is the only place in the world that grows the Phantom Rose, a flower created exclusively for Rolls-Royce by British rose breeder Philip Harkness. The customer's daughter Magnolia chose the Peacock Blue exterior on the Phantom. Embellished with a touch of flair, it has a Charles Blue double pinstripe along the beltline, as do the wheels, which are meant to mimic a floral design. The simple and stately exterior makes the interior stand out all the more. Inside, satin stitch Phantom Roses adorn the doors and the starlight headliner. The design shows the flowers in multiple stages of growth and is intended to portray a floral net spreading throughout the vehicle. Even the driver gets to enjoy the foliage, as the glass-encased dashboard has its own bouquet. A final touch uses Peacock and Adonis Blue butterflies to add a bit of motion to the scene. The cabin scheme inverts the exterior colorway and uses Charles Blue leather Serenity Seating with Peacock Blue piping.  Al Saffar says it took him 35 years to achieve his dream of buying a Rolls-Royce.