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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.

The latest Rolls-Royce concept is a hybrid dump truck

Is a standard Rolls-Royce not big and imposing enough for you? Perhaps the company's latest concept can get you to pass the Grey Poupon. Behold, the Rolls-Royce MTU hybrid haul truck. The Cullinan might come with 22-inch rims, but when equipped with its R63 Michelin XDRs, each wheel and tire combo of the ultimate Roller will stand over 13 feet tall. With a driver's seat a full story off the ground, it's so lofty you won't even see the plebes that you crush in their feeble Coachbuild Dawns as indifferently as Loxodonta africana steamrolls a line of ants. Serve as your own life-size Spirit of Ecstasy as you look down at the puny Parthenon radiators of run-of-the-mill Phantoms from atop your soaring grille, located a full flight of stairs above the lowly earth. All jokes aside, the Rolls-Royce truck mainly serves to promote its new MTU V12 2000-series industrial 12-cylinder engines. Rolls-Royce doesn't even produce the haul trucks; typically, they provide the engines for installation into rigid dumpers built by Liebherr, Hitachi, or Selex. The new hybrid mill produces 1,560 horsepower, meant to replace the V16 4000-series 16-cylinder engines making 2,500 horsepower. However, Rolls-Royce says performance will be the same while dropping carbon dioxide emissions by 30 percent in new installations, or 22 percent with retrofits. Like a Prius, the engine uses a battery pack to store regenerative energy captured as the trucks descend into quarries, then expends that juice to climb back up. It also requires no additional space for an exhaust gas treatment system or diesel urea additives, which are apparently concerns in a mining truck. In addition, Rolls-Royce is in the process of engineering its industrial engines to run on sustainable fuels such as hydrogen brewed from renewable energy (not the way we do it in the U.S.). The company hopes to have hydrogen fuel engines ready by 2023 in stationary applications. It's all part of the company's goals for a — say it with us — carbon-neutral future. The concept truck was conceived for MINExpo 2021, a mining convention taking place September 26-29 in Las Vegas. Hopefully they'll put it into production and offer a constellation headliner in the cab.

Rolls-Royce Wraith looks rad in red [UPDATE]

UPDATE: An earlier version of this post called this car the "St. James Edition," which is incorrect. It's not a full-on special edition, rather a bespoke color. And an awesome one, at that. Of all the cars that would look right in red, and of all the colors you could specify for a new Rolls-Royce, ordering up a bright scarlet Wraith might not seem like the first choice to many. Fortunately there are plenty of other options available in the Rolls-Royce catalog. But for those who disagree, the British luxury automaker offers St. James Red, the bespoke color seen here. The color is offset by chrome brightwork on the grille, window frames, and door handles. The wheels are done up in a two-tone silver and gloss black, while the interior is swathed in what we're sure is only the softest, most supple black leather known to man. Of course, since it's a Wraith, there's power to match that racy exterior. This coupe is, after all, the most powerful vehicle Rolls-Royce has ever offered, packing a 6.6-liter twin-turbo V12 with 624 horsepower and 590 pound-feet of torque, propelling over 5,000 pounds of luxury to 60 in a scant 4.4 seconds. More than adequate, indeed. If there was ever a Rolls that could get away with the bright red approach, surely it's the Wraith.