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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 builds the Sweptail, a beautiful one-off boattail coupe

When it comes to custom-built cars, Rolls-Royce rarely fails to impress. Its latest creation is this one-off coupe called the Sweptail. According to Rolls-Royce, it was commissioned by a collector of bespoke machinery, and the car's design inspiration was the coachbuilt Rolls-Royces of the 1920s. The end result is an enormous Rolls-Royce coupe with a beautiful trailing boattail design. It looks like a hyper-expensive boattail Buick Riviera in the best way possible. A glass roof sheds light on a particularly plush interior. There are only two seats in the massive coupe. Where rear seats would have gone, are shelves made of wood and glass for storage. Wood veneer, consisting of ebony and paldao, is found everywhere in the car, even in the cargo areas. The darker wood trim is also accompanied by light colored leather. The Sweptail has a few little tricks up its sleeve, too. Opening the suicide doors on either side will reveal platforms for attache cases. The cases are designed to carry the occupants' laptop computers, and they're constructed from carbon fiber, wrapped in leather, and finished with aluminum and titanium hardware. Between the seats is a chiller that comes complete with crystal champagne flutes and a bottle of champagne from the year the owner was born. The trunk is also filled with custom-fitted luggage. Being a one-off, you won't be able to buy one of these coupes yourself. But it does show the capabilities of Rolls-Royce for doing special automobiles. And, who knows, if you have the money and connections, you might be able to have your own unique Rolls-Royce commissioned. Related Video: Featured Gallery Rolls-Royce Sweptail View 14 Photos Image Credit: Rolls-Royce Rolls-Royce Coupe Luxury Special and Limited Editions

The Rolls-Royce Cullinan spied in production bodywork again

The Rolls-Royce Phantom is a massive vehicle. It's far larger in person than it appears to be in photos. It rivals the Ford F-150 in overall length and width, and remember this is a sedan. If the same characteristic holds true for the upcoming Rolls-Royce Cullinan SUV, as these new spy photos show, this is going to be a luxury apartment on wheels. We've seen photos of the Cullinan before, and this one doesn't appear to be too far removed from that model. The brick-like shape remains, as do all the typical Rolls-Royce touches like the upright grille and suicide doors. Out back, we can see rectangular exhaust tips and a low-opening tailgate. The prototype taillights appear to flow into the tailgate. The overall style is all about clean lines and as creating as few curves as possible. It's probably going to be described as handsome far more than it will be described as pretty. It should be no surprise that the Cullinan is as big as it its. It's supposed to share a platform with the upcoming Phantom replacement. Expect all wheel drive and a turbocharged V12, though a plug-in hybrid variant is rumored to be in the works. Expect lots of aluminum to try and keep the weight down. The prototype looks pretty far along, so look for the final version sometime within the next year or so. Related Video: Featured Gallery Rolls-Royce Cullinan Bodywork Spy Photos View 17 Photos Image Credit: CarPix Spy Photos Rolls-Royce SUV Luxury rolls-royce phantom rolls-royce cullinan