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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.

2019 Rolls-Royce Cullinan First Drive Review | $325,000 of monolithic serenity

JACKSON HOLE, Wyoming – The north face of Snow King Mountain drops a dizzying 1,571 feet, forming the steepest ski slope in the lower 48 states. Considering the Rolls-Royce Cullinan's prevailing theme of superlatives– it's named after the world's largest uncut diamond and claims the highest starting price of any SUV on the planet– it's no surprise that my first experience in the $325,000 monolith involved driving it up Snow King's switchback crisscrossed trail. For a vehicle that proudly displays a retractable Spirit of Ecstasy ornament above the imposing "Parthenon" grille, there are a few subtle ways the Cullinan departs from Rolls-Royce's tried and true touchpoints. Though its platform is an expanded version of the Phantom VIII's new so-called Architecture of Luxury, the aluminum spaceframe houses Rolls-Royce's first-ever all-wheel drive powertrain. The twin-turbocharged 6.75-liter V12 is another familiar element that delivers 637 lb-ft of peak torque at an even lower 1,600 rpm; horsepower remains at 563, or as they once said in olden times, "sufficient." But unlike in Phantom and Ghost, the rear passengers aren't nestled behind the D-pillar like starlets in hiding but instead are exposed with a clear view of the surroundings thanks to considerable acreage of double-paned glass. The commanding visibility from the elevated seats is lovely, especially when approaching Snow King Mountain's initial ascent. Though Cullinan is positioned as having some degree of offroad capability, don't expect the complex Terrain Response settings you'll find in a run-of-the-mill Range Rover. The only drive mode setting is "Offroad," which elevates the air suspension, stiffens the ride (to avoid bottoming out the dampers), and ensures that wheels are pushed earthward if contact is lost. Throttle response is softened, and traction control becomes less restrictive and can be completely disabled. Cullinan feels large and commanding from the driver seat which makes tackling the steep grade seem all the more doable. Push the Offroad button and the vehicle lifts up in steps, like a camel getting on its feet. There's a notably softer pause between throttle input and forward motion when you're climbing loose gravel, so much so that you might need to bury the throttle to get going. What's actually happening beneath you, though, remains a bit of a mystery thanks to the surreal levels of isolation and sound deadening embedded into this platform.

Evolutionary Rolls-Royce Phantom replacement captured for first time

I saw a heavily camouflaged car on the road yesterday. I managed to get up close, but even then, I couldn't tell what it was. That's just the way it is sometimes – you don't always know what you're looking at. But there's no such uncertainty with this latest set of spy photos, though. This is very obviously a new Rolls-Royce. And it's huge, most likely the replacement for the long-serving Phantom, and what we're seeing here is surely the long-wheelbase model. It will be joined by a short-wheelbase version, but you'll want to break out your best princess wave to say buh-bye to the slow-selling Phantom Coupe and Drophead convertible. Despite its immense size, our spies claim the Phantom's footprint shouldn't change much with the next-generation model. That said, it will be far, far lighter than the today's nearly 5,900-pound Phantom. Expect a lot of aluminum, and even some carbon fiber when the new sedan debuts. It might end up lighter, but the new Phantom will still be easily identifiable as a Rolls. There's lots and lots of space behind the B-pillar, and like the current car, the C-pillar is expansive and feeds into a short, drooping rear deck. Up front, the current Phantom's overall style is set for a small evolution, with rectangular lights flanking a powerful, polished, rectangular grille. As buyers of $400,000 luxury sedans can usually afford fuel, it shouldn't be a surprise to hear that Rolls will soldier on with a stout V12 engine under the hood. As for rumors of a plug-in hybrid model, if it happens, it won't show up until after the 12-cylinder car's debut. That glitzy event will likely come at a 2017 auto show. European shows like Geneva or Frankfurt are safe bets, but we wouldn't be surprised to see the new Phantom bow at an event more focused on the brand's exceptionally wealthy clientele, like Monterey or even Villa d'Este. Check out the full round of spy images up top.