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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.

Rolls-Royce Alpine Centenary Ghost makes its first North American appearance

Rolls-Royce choose this year's Shanghai Motor Show as the occasion to show off its achingly cool Alpine Trial Centenary Edition Ghost, but The Quail was the site of the car's North American coming out party.
The one-off Rolls pays tribute to a heroic moment in the marque's history, when four 1913 Silver Ghosts, three factory cars and one privateer entry, successfully completed the 1,820-mile Austrian Alpine Trials. The privateer racer in question, James Radley, is the gentleman responsible for the pretty color combination you see on this new Ghost. Radley's blue bodywork over black wheels looked great in 1913 and haven't lost any luster 100 years on to our eyes.
You can revisit the details about this historically rooted Rolls-Royce in the press release below, or simply take a stroll through our fresh gallery of images from The Quail.

Rolls-Royce's CEO shares his 3 favorite details of the Spectre EV

Rolls-Royce's first electric car, the $420,000 Spectre, has arrived. At a press event marking the EV's launch, the brand's CEO, Torsten Muller-Otvos told Insider he's proud of what Rolls-Royce has achieved in a big-picture sense — by transplanting the essential character of a Rolls into a vehicle with a completely novel powertrain and fuel source. But when asked about his absolute favorite parts of the new model, a few smaller, more subtle details sprang to mind.  Those taillights Rolls-Royce is renowned for painstakingly making sure every detail on a vehicle is as elegant as possible. Look closely at the Spectre's taillights and you'll notice they're single, uninterrupted parts, plunged into a smooth, uninterrupted body panel. Rolls-Royce says this sophisticated look is meant to evoke "islands in a lake." Most cars' taillights are broken up by a trunk lid, or butt up against a gap in the bodywork. That makes things easier, the brand's design director, Anders Warming, said. But the Spectre isn't most cars.  Achieving that look and making sure everything was water-tight took lots of engineering, Muller-Otvos said.  "The effort we've put into those rear lights to give them that shape and also more or less stick them into the body was quite something," he said. "We finally got there, and it works." A grille? On an EV? What's a Rolls-Royce without its iconic, upright grille? It's such a recognizable design element that Rolls-Royce decided to keep it for the Spectre, even though there's no radiator or engine up front. "I also love the detail of the Pantheon grille, because that was also something not in any way debatable," Muller-Otvos said. "You might argue you don't need a grille because there is no cooling air needed, but obviously this is such a signifier of our brand that we said it's unthinkable not to have one." Muller-Otvos said the company went to great lengths to adjust the grille's design so it would deflect air around the car and aid aerodynamics. In an EV, every bit of drag you can eliminate adds driving range.  A brake pedal with a new feature Every new Rolls has doors that electronically swing shut at the push of a button. The Spectre introduces a new feature that makes things even more effortless. Now all you need to do is hop in and press the brake pedal, and the driver's door closes automatically.  Read the original article on Business Insider