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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.

2022 Rolls-Royce Ghost Black Badge | Ecstasy in the shadows

Every now and again, something hits my driveway that absolutely stumps me. It can be tricky enough to come up with something to write about the fifth Hyundai Sonata or third Jeep Wrangler I’ve driven in the space of 18 months, but something like the 2022 Rolls-Royce Ghost Black Badge presents a very different conundrum: What can I possibly say to the person who has a half million dollars to spend on their next ride? I rounded up there but not by much. Before tax, tags and your driverÂ’s salary, this Ghost checks in at $484,950. Of that, $43,850 goes to Black Badge, which, when boiled down to its purest essence, is an enthusiastÂ’s equipment package with some rather dramatic aesthetic components. Rolls-RoyceÂ’s reputation is that of a builder of cars meant to be driven in rather than driven, but Ghost is the de facto “driverÂ’s” four-door in the lineup, and Black Badge is as close to an antidote to that cliche as youÂ’ll find in the company's portfolio. While it is a performance model, Black Badge doesn't completely blow the doors off the Ghost's already-impressive baseline performance. It benefits from an additional 29 horsepower and 57 pound-feet of torque (for a total of 583 hp and 663 lb-ft, respectively) and retuned air springs that “alleviate body roll under more assertive cornering.” The brakes were also tweaked for more immediate response and shorter pedal travel, but the clamps themselves are identical to a standard GhostÂ’s. Put another way, Black Badge is a performance package that happens to cost more than some performance cars. Welcome to tier 0 of car ownership. ThatÂ’s a hollow greeting, of course. Rolls-Royce sold a grand total of 5,586 (ahem) motor cars in 2021, and not one of them is among my permanent collection. YouÂ’re shocked, I know. Statistically, weÂ’re quite likely to be in the same boat. IÂ’m living vicariously through the Rolls-Royce marketing budget and youÂ’re living vicariously through me. Too bad. IÂ’m pretty boring. So boring that the best outing I could come up with was a jaunt to a lake cottage just 30 miles or so north of Detroit proper. Given this carÂ’s price point, youÂ’d be forgiven for insisting that the Ghost had better be able to do just about anything one might expect from modern four-wheeled transportation, but realistically, the person who can afford to be chauffeured in a Black Badge can likely call on other forms of transit should the weather take a turn for the worse.

Rolls-Royce Cullinan and BMW 8 Series spied south of Death Valley

Recently, we've stumbled upon a number of manufacturer prototypes running around. Usually, spy photographers sit and wait for hours with cameras primed in order to get a few shots of a car. We just got lucky. First, we caught the new Chevy Corvette ZR1 convertible during a Facebook Live video. A week or so later McGraw snapped a video of a ZR1 coupe cruising in his neck of the woods. Today, our ace photographer Drew Phillips caught a BMW test fleet filling up the new Rolls-Royce Cullinan and 8 Series coupe in Baker, Calif. Baker sits along Interstate 15, about halfway between Los Angeles and Las Vegas. It's just south of Death Valley, and, being late August, suggests that BMW was doing some hot weather testing. Drew was filling up his car when the fleet rolled in. There were at least two of the new king Rolls and a single 8 Series. Both cars were wearing a full swirl camouflage wrap. It's not an uncommon place to see prototypes. Still, seeing a whole fleet roll in is quite a sight. We've seen official photos of the Cullinan before, but these pictures give us our best view of the profile and rear we've had so far. From a distance, it looks like a high-riding version of the new Phantom with a hatch in place of the trunk. The taillights are obviously just filler units. Expect the final version to look very much like the squared off LED units on the Phantom. Likewise the interior and engine should be straight from the Phantom. That means a twin-turbocharged V12, though power is likely to be sent to all four wheels. We've seen the full BMW 8 Series concept a few times now. The proportions on the production car look the same, with a long hood and even longer wheelbase. The nose isn't quite as aggressive as the concept, but we expected the styling to be toned down to meet crash and safety standards. As for engines, look for six, eight and (hopefully) 12-cylinder power under the hood. A plug-in variant is also expected. Both cars have been in development for a long while, so look for full debuts sometime this auto show season. Maybe we'll happen upon some more test mules between now and then. Related Video: