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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 rolls out specials at Dubai show

True to style, Rolls-Royce arrived at the Dubai Motor Show this year with some new special-edition wheels. Leading the charge was the Golf Edition of the Ghost. Ordered up specially by the local importer, the Golf edition "takes its inspiration from the fairways to appeal to discerning sportsmen, incorporating design cues and materials that evoke the history of this gentleman's sport." What that translates to in practical terms (as if a Rolls-Royce could ever be considered "practical") is a two-tone paint job of dark green and beige and a three-tone interior treatment of light cream, dark green, and deep red. The cabin is also augmented by the requisite starlight headliner, custom picnic tables, and lambswool floor mats. Tartan-lined door pockets, mahogany and persimmon wood veneers, and other special touches round out the unique treatment aimed at golf enthusiasts. The special Ghost was joined as well by the one-of-a-kind Tiger edition of the Phantom Coupe. This unique take on Goodwood's big two-door boasts a rather unsubtle paint scheme of dark and light orange, complimented by a tiger-motif coachline. Fortunately things are relatively more toned-down inside, with tan and beige leather and a proliferation of custom accents to conjure the large striped feline. The pair follow hot on the heels of the 1001 Nights edition of the Ghost that was introduced in the UAE mere weeks ago. Rolls also took the occasion to showcase the new Dawn convertible and the Wraith Inspired by Music edition at the Dubai show. Both are based on the same architecture, the former with a fabric top and the latter – revealed this past summer – with a fixed roof and trim drawn from the recording industry. Scope out the lineup in the image gallery above and the press release below. Related Video: ROLLS-ROYCE MOTOR CARS REDEFINES SUPER- LUXURY BESPOKE MOTORING AT THE DUBAI INTERNATIONAL MOTOR SHOW Rolls-Royce Motor Cars reaffirmed its mantle as the undisputed pinnacle of Bespoke automotive luxury with the unveiling of Phantom Coupe Tiger, Ghost Golf and Wraith 'Inspired by Music' at the Dubai International Motor Show, on a day that also saw the Rolls-Royce Dawn make its first public appearance in the region.

Home of Rolls-Royce Collection makes debut at the Quail

Rolls-Royce is marking 10 years of production at its Goodwood, England home, with the aptly named Home of Rolls-Royce Collection. The first instance of the Collection, a brilliantly appointed Phantom, has come to The Quail to make its world debut.
The goal of the Home of Rolls-Royce Collection seems to be to really showcase the kind of pristine, detailed work that the artisans back in Goodood are capable off, while creating a car that almost instantly achieves heirloom status. The Phantom seen here displays a truly impressive wood paneled cabin, where a technique called marquetry has been used to inlay some 170 sections of 11 different types of wood into a "celebration" motif.
You'll find a compass theme throughout the car as well - inside and out - which the company tells us is meant to highlight the sales of Goodwood-built Rollers on five continents across the world. Compass designs can be found on the armrests and center console, with each piece of embroidery taking more than 100,000 stitches to create. Not to be outdone in terms of time lavished, the compass motif painted on the exterior of the car takes one squirrel-hair-brush-wielding craftsman six hours to perfectly apply.