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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.

2024 Rolls-Royce Spectre First Drive: Electric Rolls is still a Rolls

The introduction of a new EV model usually represents a revolutionary moment for a car brand. The car is typically a departure from the norm, not just in fuel source but design and overall character. They’re usually a break from tradition and/or a beacon pointing in a whole new direction. Then thereÂ’s the new 2024 Rolls-Royce Spectre. ThereÂ’s nothing about it that feels revolutionary, which largely speaks to what came before. WeÂ’re talking about a Rolls-Royce here. They were always whisper-quiet with a V12 engine judiciously doling out gobs of effortless torque without fanfare. You know, like electric motors do. Or rather, as electric motors can. Forget about sledgehammer-to-the-chest launches in the Spectre – Rolls-Royce specifically tuned the throttle to elegantly roll into its power, much as it did, partly by necessity, with a V12. You can imagine the torque curve looking more like an airplane taking off than a rocket. Once underway, speed builds rapidly and passes are made effortlessly. Again, like a V12. The Spectre also looks like a V12 could still be lurking beneath the vast bonnet even though it was 100% EV from the get-go. There was no effort to reimagine Rolls-Royce for the electric era with cab-forward proportions or “Blade Runner” styling cues. The front is sleeker to be sure, for the purposes of design and aerodynamics, with even the Spirit of Ecstasy hood ornament being nipped and tucked to eliminate turbulence that occurred behind the most recent rendition. The overall drag coefficient of 0.25 is certainly commendable for something that retains a blunt front end complete with the must-have “Pantheon” grille that ensures no one will mistake this for anything other than a Rolls-Royce. That it's softly illuminated by 22 LEDs ensures identification at all hours. 2024 Rolls-Royce Spectre in Morganite pink action front three quarter View 32 Photos Once inside, you sit lower in the Spectre than past models, including the similarly two-door Wraith. The resulting view through the gun-slit windshield over the long, imposing hood and raised dashboard is reminiscent of pre-war, ultra-luxury cars from Rolls-Royce, Duesenberg and others. When I mentioned that observation to Rolls-Royce CEO Torsten Muller-Otvos, his eyes lit up as if to say, “Eureka!” That was exactly what Rolls was going for – it had nothing to do with the powertrain.

Six luxury-car features I'm ashamed to admit I love

A hot compress felt wonderful on my sore back. The methodical kneading of my shoulder blades loosened the knots that formed over several hours of driving. The Swedish-style pulses firing into my lumbar region released more tension.
I wasn't getting a much-needed massage following a recent road trip. I was getting it during the road trip.
I grew up riding in the back seat of a 1976 Chevy Nova. But once you use these lux features, it's easy to go soft.