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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.

One-off Boat Tail is the tapered tip of Rolls-Royce's coachbuilding iceberg

Rolls-Royce is open to taking additional requests for one-off cars from its wealthiest clients in the coming years. It doesn't plan to make coachbuilt vehicles the norm in order to maintain their exclusivity, however. Rumored to cost nearly $30 million, the Boat Tail (pictured) introduced in May 2021 demonstrated what the BMW-owned British firm is capable of when money is truly no object. It's the product of a four-year development process that presumably cost several million dollars, and it was built at the request of three anonymous clients. It's the first car made since Coachbuild was promoted to a standalone division with the group, and it's very likely not the last. "Our idea is to maybe do one project every second year. Whether it's three cars or one car will hinge very much on the idea of the clients, and also on our appetite for doing it," explained company boss Torsten Muller-Otvos in an interview with British magazine Autocar. He added Rolls-Royce has the luxury to turn down requests it doesn't like. Precisely what will receive the firm's proverbial green light for production hasn't been specified. We're guessing future one-offs will need to adhere to the company's image, so transforming a humble Fiat 500 into a luxury car, Aston Martin Cygnet-style, is probably very low on the firm's list of priorities. Regardless, one-of-a-kind models won't roll out of the Rolls-Royce workshop on a weekly basis. Executives want to keep them "very rare," the CEO added, even if they receive numerous requests. Supply won't necessarily keep up with demand. What comes next depends on what customers request (and are willing to pay for). Rolls-Royce is open to experimenting with different body styles and different powertrain types, including a fully electric system. It's reportedly working on its first electric model, which could be called Silent Shadow when it enters production, and this foundation could be used to make a coachbuilt car if a customer commissions it. "There is no intention to boost any volume, because the intention clearly is to create projects that are significant for the brand's history in 70 or 100 years or so, and that are truly unique pieces. That also fits quite nicely into the heritage of Rolls-Royce with coachbuilding projects in the 1920s and the 1930s," Muller-Otvos concluded. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Rolls-Royce brings Pebble Beach 2019 Collection to Monterey

Rolls-Royce brought 13 Bespoke Commissions to Monterey Car Week, each of them only available to guests attending car week. Among the pride, said to be inspired by the resurgent natural landscape of Pebble Beach after years of natural disasters, are a single Phantom, four Cullinans, four Dawns, two Ghosts, and two Wraiths. The Phantom gets the most modest treatment, attired — as usual — for business in a Black Diamond and Gold Bespoke exterior. The interior highlight is the Phantom Gallery, which turns a swath of the instrument panel into a canvas for personalized art. The four Cullinan SUVs begin to taste the rainbow, drenched in the luxury maker's iced finish, which Rolls-Royce says is one of its most popular offerings. The ice finish entails a mildly paradoxical combination of a matte color with an elegant shine, and on the quartet of Cullinans comes in Burnout Grey, Black Green, Iced Gunmetal, and Galilea Blue. Outside the collection but just as interesting from a color perspective, Rolls-Royce showed a bespoke Cullinan in Fux Orange, the paint named after a collector who asked Rolls-Royce to color-match a woman's wrap he bought in Miami. The Ghost, Wraith, and Dawn go all the way with color as part of a Pastel Collection, their "painter's palette of colors" keyed off the riot of ground cover and wildflowers newly returned to the Monterey Peninsula. They include three Black Badge Commissions, the aim to show that Black Badge need not mean somber or dowdy. Rolls-Royce did the same thing last year with its Paradiso Black Badge Collection in Quail Blue.  This year's Ghost Black Badge comes in the new color Light Green Solid over a black interior livened up by Serenity Green splashes. The Wraith wears Semaphore Yellow over a Selby Grey and Lemon cabin speckled by the Black Badge Starlight Headliner. The Dawn shows off Coral Solid on its bodywork and Aero Cowling, made pristine by seven coats of paint and more than nine hours of hand polishing. The interior gets Arctic White and Sunset leather, evoking the "blooming northern California hills and valleys." Every one of the Black Badge Commissions will feature a "Pebble Beach 2019" treadplate, and the hardtops all get Black Badge Starlight Headliners. Anyone who is keen to put money down has one more day to get to Monterey.