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BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

'Top Gear' episode 4 recap | A road trip through Borneo

Episode four of "Top Gear" season 27 is officially in the books, and if you like Freddie and Paddy, you probably enjoyed this one. The two went on a hell of an adventure through Borneo, but didn’t bring Chris Harris along for the ride. Maybe we were just getting accustomed to the three of them hanging out together, but the trip felt like it was missing something without Chris. Regardless, the feature film of this episode revolved around Freddie and Paddy driving the cheapest, rarest cars they could find. They bought them in Europe, then drove all throughout the island of Borneo, eventually reaching Brunei. Freddie got himself an Austin Allegro Estate, while Paddy made do with a Matra Bagheera S. If you had to look those cars up, we donÂ’t blame you. TheyÂ’re both rather obscure models, so itÂ’s safe to say they hit their mark on the rare requirement. Back at home base in England, Chris says he was reviewing a Rolls-Royce Cullinan. Funnily enough, Rolls wouldnÂ’t loan a Cullinan to "Top Gear" to test, so they had to go out and borrow one for the review. After listening to ChrisÂ’ thoughts on the SUV, it starts to become clear why Rolls may not have wanted the exposure. We wonÂ’t give it all away, but letÂ’s just say that the ultra-luxury ute didnÂ’t receive the most glowing of reviews. Bob Mortimer was the celebrity guest, so there were plenty of laughs to be had in his segment. He wasnÂ’t exactly fast in any of the car challenges, but the entertainment factor was certainly present with him cracking jokes. Even though the Borneo trip wasnÂ’t exactly the same without Chris, the other two managed quite well on their own. Freddie ate a live bug, and the mid-engine Matra made it to the end against all odds. Perhaps itÂ’s a testament to the companyÂ’s history of weathering tough conditions — Matra did win Le Mans three times throughout its history after all. At the very end of the episode, the boys made an admirable gesture by speaking out against the Sultan of BruneiÂ’s horrific laws against homosexual relations. They said that the filming for the episode occurred before the Sultan announced the new laws, and if "Top Gear" had known these rules would be enacted beforehand, they wouldnÂ’t have featured Borneo in their film. In response, Freddie and Paddy modified their Borneo rides with an epic paint job as a form of protesting the anti-gay laws. Good on ya, "Top Gear." Featured Gallery Top Gear episode 4 photos TV/Movies Rolls-Royce Top Gear

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.