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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.

Looking for a deal? Check out your nearest Acura dealer

For the fourth time in the last year, an Aston Martin out-discounts all other automakers by offering the largest monetary savings off the retail price of an automobile in America. This time, though, the discount isn't on the aging (though still beautiful) Rapide sedan or range-topping DBS Superleggera, it's for the DB11 sports car. For those keeping track, the DB11 also led this discount list back in May of 2020. This time, though, the price is even lower than before. Right now, buyers of the Aston Martin DB11 are seeing discounts of $24,330. That's a 12.1% cut off the car's average retail price of $201,820 and it means buyers are paying an average transaction price of $177,490. Still expensive, but really not bad for a drop-dead gorgeous machine with as much as 630 horsepower. Next in line is a familiar face, the Acura NSX. As impressive as the Japanese hybrid supercar may be, Acura has been running big rebates on the NSX for as long as we've been running these lists. This month, the NSX buyers are seeing discounts of nearly 14% for an average transaction price of $138,648. The third biggest discount this month shows up on the most expensive vehicle on the list. The Rolls-Royce Phantom carries an average sticker price of $537,500. But buyers are getting about 4% off that for an average transaction price of $516,333. It may not be a massive discount when measured by percentage, but when the asking price is so high, even a small discount equals big bucks. Related Video:

Rolls-Royce unveils new bespoke Phantom 'Iridescent Opulence'

The Rolls-Royce Phantom is already a fairly solid symbol of conspicuous consumption, but its Bespoke program churns out cars that push the envelope even further. The latest, a feather-and-fleck adorned model dubbed "Iridescent Opulence," certainly checks those boxes.  While Bespoke creations generate buzz with regularity, Rolls-Royce called this one out in particular because it shows off what its designers can do with otherwise "empty" space in the cabin. In this case, the party piece is on the dash, but that's not what the British super-luxe company is calling it. Here it is, straight from Rolls: THE GALLERY   An understanding that the marque’s patrons are increasingly collectors of fine and contemporary art led the Rolls-Royce Design Team to create a space in which to curate and to commission, to exhibit, admire and reflect. A space aptly named ‘The GalleryÂ’, is an application of glass that runs uninterrupted across the fascia of Rolls-Royce Phantom, providing an unprecedented opportunity to present artwork within your car. Assembled in a highly technical Clean Room at the Home of Rolls-Royce in Goodwood, England – a sterile environment within which delicate and highly Bespoke items can be assembled, from a simple application of wood or metal, to a more complex use of materials not normally viable in an automotive context –  ‘The GalleryÂ’ extends the patronÂ’s experience of curation with the marque to a new realm. See? It's not a dashboard; it's an exhibition space. Here, it's used to show off a collection of more than three thousand tail feathers. Yep, feathers. Sustainably sourced, Rolls-Royce insists, but still pretty, and draped over a 3D-printed shape designed to emulate the musculature of a bird wing, so you can pretend those peacocks (we're spitballing here) were absorbed by the machine, rather than slaughtered so their fluffy bits could adorn it.  Feathers and additively manufactured materials are only the tip of the iceberg for these new gallery concepts, Rolls-Royce says, so we expect to see more like this in the future. Just, you know, one at a time. Rolls-Royce Phantom 'Iridescent Opulence' View 13 Photos