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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.

Odell Beckham Jr.'s custom Rolls-Royce hood ornament catches the true Spirit of Ecstasy

Odell Beckham Jr. hasn't even played a single game for his new team, yet he's already making a splash in Cleveland. Not for his play, but for his car. Images and video of OBJ's custom Rolls-Royce Cullinan hit the web this week, and it suits his larger-than-life personality perfectly. The Browns orange wrap is a minor piece in a grand package that includes a custom hood ornament that replicates his famous one-handed behind-his-head catch. Sorry, Spirit of Ecstasy. OBJ's career has been too impressive to be defined by a single play, but his 2014 catch against the Dallas Cowboys (seen below) is certainly a top highlight. Widely considered one of the greatest catches in all of NFL history, it has now been immortalized in a hood ornament of all things. But not just any hood ornament. It takes the place of the sacred Rolls-Royce Spirit of Ecstasy on his custom Cleveland-themed Cullinan SUV. And yes, it can still be hidden within the grille. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NFL players, and athletes in general, have been known to create some of the wildest custom vehicles we've seen, and OBJ's Double-R is no exception. Built by Dreamworks Motorsports in Roxboro, North Carolina, the Cullinan has an orange wrap, dark 26-inch Forgiato wheels with floating RR center caps, gloss black accents, and Suntek Films window tint. That's just the basic stuff. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Cementing his car as a truly unique piece are the sound system and the interior. Dreamworks built a subwoofer box to mimic the iconic Rolls-Royce grille, and the one-off starlight headliner was constructed just for this vehicle with a custom pattern. Plus there's that Spirit of Hubris up front. Whether it's a no from you, dawg, or it's a resounding yes, there's no doubt this thing will get people talking. Inspect the details in the gallery above. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Over 10 years of research went into the Rolls-Royce Spectre EV

Rolls-Royce's first series-produced electric model, the 577-horsepower Spectre, made its debut in October 2022. Electrification suits the British luxury brand well, as its clients primarily prefer a smooth and quiet ride over a deep exhaust note that sends chills down your spine. But the company's top executive told Autoblog that finding the right path to the EV segment required over a decade's worth of research. The electric 102EX prototype from 2011 helped blaze this path. It wasn't approved for production, but it showed Rolls-Royce what to do. "We never intended at that time that we would bring [the 102EX] to the market," company boss Torsten Muller-Otvos told me on the sidelines of the 2023 Villa d'Este Concours d'Elegance. "I joined Rolls-Royce in 2010, and I was always in the belief that we need to look into alternative propulsions for the brand." Rolls-Royce is part of the BMW Group, and this practice is common throughout the company: BMW and Mini experimented with electric prototypes at that time as well, and the iX5 presented in 2023 will bolster the firm's hydrogen research. Rolls-Royce learned several lessons from the 102EX project. One was to simply keep on keeping on. "One clear learning from all of our clients worldwide is to make sure that it is a Rolls-Royce first and an electric car second, not the other way around. [The Spectre] smells like a Rolls-Royce, it feels like a Rolls-Royce, and it sounds like a Rolls-Royce — [that means that] there is no sound, obviously. [There is] no funky dashboard, huge screen, or whatever. That would not be us," he continued. Customers also told Rolls-Royce not to make a car defined by superlatives. These buyers aren't concerned about having the longest driving range or the quickest acceleration time, largely because they already have a variety of different cars in their fleet plus access to private jets. This also explains why many Rolls-Royce models aren't used as long-distance cars in spite of a powerful V12 engine and a spacious interior. "It was clear that we don't need to be number one with outrageous range; a range of [about 310 miles] is totally sufficient for our clients. [The EX project] also gave us the right logic behind battery size, what we need to do in terms of body shape, and what the car should look like. It's a very fine balance between range, the size of the battery, and what kind of compromises you suddenly get into the entire design of the car. I'm going to say we learned a lot.