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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.

Watch the other new Top Gear host rap about a Rolls-Royce

The rebooted Top Gear revealed its full slate of new co-hosts last week, complete with a lineup of names and faces we know – and one we don't. That's Rory Reid, the one new host chosen from public auditions. Though most of us many never have seen his face or heard his voice, he's not new to reviewing cars on video. In addition to hosting automotive videos for CNET and Sky television, Reid is also automotive editor for a British video series called Recombu. Most of the reviews he's done for the YouTube channel are pretty straightforward, highlighting the strengths and weaknesses of whatever he's driving – from a Bentley Continental GT Speed or Range Rover Sport SVR to a Mini JCW or Peugeot 308 GTI. But when it came to the Rolls-Royce Ghost, Rory was evidently moved to take things in a different (and original) direction. Instead of simply describing the luxury sedan as most automotive journalists would, Reid rapped about it. The result is a pretty novel take on the usual car review, and no doubt helped him secure the spot on the revived BBC program alongside the likes of Chris Evans, Chris Harris, Eddie Jordan, Sabine Schmitz, Matt LeBlanc, and of course the Stig. See for yourself in the video above, and check out his other reviews in the playlist below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Recombu via YouTube, Carscoops TV/Movies Rolls-Royce Videos rolls-royce ghost rory reid rap rolls-royce ghost series ii

Rolls-Royce predicts it will set a delicious production record in 2020

Rolls-Royce suspended production at its Goodwood, England, factory in March 2020 in response to the coronavirus pandemic, but there's at least one part of its business that's not affected by the temporary shutdown. The 250,000 bees that live and work near its factory are on track to set another production record in 2020. The BeeMW-owned (sorry) firm opened its Bee Apiary in 2017. It currently consists of six hives named Phantom, Wraith, Ghost, Dawn, Cullinan, and Spirit of Ecstasy, respectively. Rolls-Royce announced the quarter-million bees that buzz around its premises emerged from winter in excellent health, and they're expected to make even more honey in 2020 than in 2019 (though Rolls-Royce didn't specify a quantity). Clearly, social distancing and work-from-home orders don't apply here. Rolls-Royce works with local beekeepers to process the honey when it's ready, but don't look for it in the breakfast aisle the next time you're out buying groceries. It's exclusively served to the company's guests, like the customers who travel to Goodwood to configure or take delivery of a car. Put another way, a taste of Rolls-Royce-branded honey will cost you at least $300,000 and a round-trip ticket to the British countryside. Surprisingly, the rivalry between Rolls-Royce and Bentley continues in the world of beekeeping. In 2019, Bentley built two giant hives for 120,000 bees near its headquarters in Crewe, England. It predicted they'd make about 33 pounds of honey annually, which amounts to about 50 jars. Ford keeps tens of thousands of bees, too; it's caring for at least 80,000 bees near the Rouge factory that currently manufactures the F-150. Bees are an often-overlooked part of the ecosystem. Plants depend on pollination to reproduce, and bees are nature's main pollinators; we'd ultimately have less food if bees were eradicated from the planet. They're endangered in many parts of the world, which is why some automakers are choosing to give them a home.  Related Video: Featured Gallery Rolls-Royce Bee Apiary Green Weird Car News Rolls-Royce