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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 Ghost Series II headed to Geneva

Rolls-Royce is not a brand that replaces its vehicles with any great frequency. It expands its lineup, sure: what started with just the Phantom saloon has since grown to include extended wheelbase models, coupes and convertibles, not to mention the addition of the Ghost, followed by the Ghost EWB and the Wraith fastback. What Rolls does to keep its models fresh, however, is spruce them up with a Series II.
The Phantom family underwent just such a treatment a couple of years ago, and now Goodwood appears to be preparing to do the same with the Ghost. At least, that is, going by this teaser image it released with only the line, "After five years as the cornerstone of Rolls-Royce's sustainable growth success worldwide, this mid-life update is a showcase for the most recent technological advances from Rolls-Royce enrobed in a considered exterior design revision."
The arrival of the Ghost Series II at the Geneva Motor Show this year would put it significantly ahead of schedule for when Rolls updated the Phantom. That model arrived in 2003 and was followed by the Series II in 2012, giving the original a nine-year run virtually unchanged. The Ghost, however, only reached production in 2010, so introducing a Series II now would shorten that lifecycle to just four years.

New Prius, Bentley Bentyaga, Rolls-Royce Dawn | Autoblog Minute

Bentley and Rolls-Royce introduce new luxury vehicles and Toyota revealed its latest Prius. Autoblog Senior editor Greg Migliore reports on the Weekly Recap edition of Autoblog Minute. Bentley Rolls-Royce Toyota Convertible SUV Hybrid Autoblog Minute Videos Original Video bentley bentayga rolls-royce dawn