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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.

2020 Rolls-Royce Cullinan Road Test | Aboard the HMS Cullinan

A tenet of good writing says you can’t modify a superlative. “Very best” gilds the lily, and “one of the best” is a hedge. Best is all you need say. ThatÂ’s the spirit of the phrase “the Rolls-Royce of Â…,” which gets applied to any kind of thing, say a particularly nice vacuum cleaner. It's immediately understood — “Rolls-Royce” is all you need say. So itÂ’s a special occasion when the pinnacle of automotive excellence, and the symbol of supremacy in everything wrought by human hands, heaves to in oneÂ’s driveway. The Rolls in this case was the 2020 Roll-Royce Cullinan, the most expensive SUV in the world, this one costing $394,275. This Cullinan arrived in lustrous Jubilee Silver (a big improvement over the purple one our contributor Jason Harper drove a few months ago). The car appeared to be carved from a silver ingot. Our first-drive review back in 2018 called the three-ton Cullinan a monolith, and thatÂ’s spot-on. It looks imposing and not to be trifled with, like a British warship. And in fact this car was built to a nautical theme, with a two-tone interior of Charles Blue / Navy Blue. A hand-painted coachline of Charles Blue traced its gunwales. Cullinan even sounds a bit like a British warship (they have the best names). But its namesake is the 3,100-karat Cullinan diamond, the largest ever discovered, chunks of which are part of the Crown Jewels. The car is an enduring symbol of British Empire, though with a lot of German parts. What can one say? We drive a lot of expensive cars at Autoblog, but it's a bit hard to understand why there even is such a thing as a Rolls-Royce press vehicle. What sort of information could a critic impart? Do you expect to hear it wasnÂ’t nice? Well, it was. Was the V12 not smooth? Like English cream. Was it not comfortable? Its cabin was expansive and its seats accommodating, and its ride was every bit the “magic carpet” Rolls promises, with sensors alerting the air suspension of upcoming unpleasantries in the road surface. And like a magic carpet, the system settles the car back down to earth for a gentle landing when youÂ’ve arrived. Yet the self-righting wheel centers make it appear as if you'd never left. And who would benefit from criticisms, if there were any? Few reading this have the means, but those who do would likely choose something more anonymous for real-world use, such as a top-trim Range Rover. Even a Bentley Bentayga would be less expensive, if only slightly less attention-getting.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.