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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.

Going mobile: Custom Rolls-Royces inspired by British rock

A rockstar lifestyle and luxury cars go hand-in-hand. To recognize this and to celebrate some of the finest rock music created in Britain, Rolls-Royce will build nine bespoke Wraith models customized in the style of British rock stars. The first four cars in the "Wraith Inspired by British Music" series were unveiled at the Sanderson Hotel in London. The cars have been designed in collaboration with some of the most well-known names in British popular music, and Rolls-Royce says the stars were personally invited to the "Home of Rolls-Royce" in Goodwood, England. The first four cars were created with Roger Daltrey OBE of The Who, Sir Ray Davies of The Kinks and Giles Martin, the son of recently deceased music producer Sir George Martin, famed for the work he did with The Beatles among others. Behind the project is English artist Alistair Morrison, who is working on a series of British rockstar portraits. Daltrey helped to design two cars, first a Who-style Wraith and one fashioned for the band's rock opera "Tommy," with a hood that showcases the sleeve of the famous concept album. However, there is not yet word of a Keith Moon edition Wraith to be delivered into a swimming pool. Cars to be revealed later include a Status Quo Wraith designed with Francis Rossi, a Shirley Bassey Wraith with legendary 007 theme-song touches and a Ronnie Wood car designed to suit the Rolling Stones guitarist.

Senna director working on biopic about Rolls-Royce founders

Asif Kapadia, the director of the amazing motorsports documentary Senna, has signed on to helm Silver Ghost, a film about the earliest days of Rolls-Royce. Martin Scorsese is among the movie's producers, and Lord Richard Attenborough was involved with the project before his death. Silver Ghost would tell the story of Charles Rolls and Henry Royce at the beginning of the 20th century. Automotive pioneer Lord John Douglas-Scott Montagu and his wife would also have roles. It seems that the film will involve the story of how Montagu's mistress, Eleanor Velasco Thornton, inspired the iconic Spirit of Ecstasy hood ornament. "What struck me when I read Silver Ghost was how this true story weaves together the lives of five remarkable people that changed the destiny of the Western world and I am delighted to be working together with the legendary filmmaker Martin Scorsese and Anthony Haas to bring it to the screen," Kapadia said in the announcement. "Most of the filming is due to take place in England and the intention is for production to begin later this year," project spokesperson Brigitte Hill told Autoblog. She wouldn't unveil anything about the cast at this stage, understandably. We first heard about Silver Ghost in 2012 when Scorsese and Attenborough were working on it. They reportedly had a script from Goldeneye screenwriter Jeffrey Caine and playwright Sharman Macdonald. Silver Ghost is among several automotive biopics that could arrive in cinemas. A Ferruccio Lamborghini film might start shooting this summer, and Robert De Niro has a Ferrari movie in the works. Leonardo Di Caprio also already has the big-screen rights to a future book about the Volkswagen diesel scandal. That's a huge crop of car movies, and we couldn't be more excited about it. Related Video: X ASIF KAPADIA TO DIRECT FEATURE LENGTH DRAMA SILVER GHOST PRODUCED BY MARTIN SCORSESE & ANTHONY HAAS 29/01/16 from Beaulieu Print this page Add this release to Your Downloads Asif Kapadia is to direct the Martin Scorsese/Anthony Haas produced feature film drama SILVER GHOST. The project will be a co-production between Scorsese's Sikelia Productions and Zuma Productions.