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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 Spectre revealed — its first-ever, 577-horsepower electric car

Next year, Rolls-Royce plans to deliver its first EV: Spectre. Teased more than a year ago, this new EV will be the first battery-powered model from Rolls-Royce (but not its last) as the company turns the page to what CEO Torsten Muller-Otvos called "the start of a bold new chapter" for the show-stopping British marque. While the Spectre is not yet ready for prime time, the new battery-powered coupe has reached the point where Rolls-Royce is comfortable sharing it with the world as its engineers work to hammer out the details.  Rolls-Royce Spectre EV View 34 Photos Its side profile may suggest that Spectre shares its underpinnings with the Wraith, but Rolls-Royce says that's not the case. Aerodynamic drag be damned, Rolls-Royce went out of its way to redesign the Spirit of Ecstasy so that it could remain a fixture of the company's design even in a world where even the smallest hint of turbulence can draw scrutiny. This is the first production implementation of the revised ornament. Under the skin lies an all-aluminum architecture engineered to reduce mass wherever possible. This (and its derivatives) will be the platform upon which Rolls-Royce's future EVs will ride; it's also shared with the company's latest round of petroleum-powered models. Rolls-Royce says it is also 30% stiffer than any previous model the company has sold, which is no mean feat considering the fact that its engineers incorporated the battery pack into the Spectre's structure.  Integrating powertrain into the chassis can be a nightmare for internal combustion models, but Rolls-Royce says it has paid big dividends with Spectre. Mass dampening is one of the most effective means of controlling vehicle NVH, and very few components offer the density of a battery pack. All 700 kilograms (~1,540 pounds) pull double duty as sound deadening in the Spectre. That brings its total curb weight to just under 6,650 pounds — approximately 1,300 pounds heavier than the Wraith.  Rolls-Royce says it'll have more than enough power to overcome that mass. While specifications of the battery pack and motors are not yet available, Rolls-Royce did confirm that it its targeting a power output of 577 horsepower and 664 pound-feet of torque. It should hit 60 mph in just 4.4 seconds on the way to a top speed of 155. With its 23-inch wheels, it should offer approximately 260 miles of range on the EPA cycle.

Bloodhound SSC fires up Rolls-Royce jet engine for land speed record

RAF ST MAWGAN, England — Fizz, whirr, shriek, pop and silence ... It took several attempts to get the Bloodhound land speed record contender started for the first time on Sept. 28. On a bright and blustery day at RAF St Mawgan in Cornwall, in southwest England, the sense of occasion was palpable, if only the damn jet engine's blades would fire up. But the Rolls-Royce 20,232-pound-thrust turbofan wasn't going to give up its virgin status as a car engine easily. As driver, RAF pilot and current land speed record-holder Andy Green explained, the Rolls EJ200 is one of the most reliable military jet engines ever, but it's never been used before in a car. "I can show you figures of its incredible reliability," he said, "but every bit of its control software expects it to be in a Typhoon [fighter aircraft], and we have to keep telling it that it is in an aircraft, which needs some quick-footed work on the software." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Quick-footed indeed, as right there on the RAF St Mawgan runway, without a pizza or a Coca-Cola in sight, software engineer Joe Holdsworth performed a virtuoso piece of recoding on the engine's software to persuade it not to shut down in alarm at some low-level electrical interference it simply doesn't see in its normal aeronautical environment. Then, with just 20 minutes left of the team's running permission window, the remote jet starter cart shrieked, its air-delivery pipe bulged like an elephant's trunk blocked with a coconut and the massive turbofan spun, popped, emitted a polite ball of flame and smoked into life. No cheers or high-fives here; this is after all a British team. But there was clear delight from the 20 engineers attendant on Bloodhound. After three successful starts, Wing Commander Green leapt from the cockpit and Mark Chapman, chief engineer, pronounced that he was well satisfied and that the sight of a jet car surging gently against its arrestor cable and wheel chocks was awesome. "We knew it was going to take a couple of starts to get it running," said Chapman, who explained why the engine appeared so smoky at first. "This is an inhibited engine, so it was tested a couple of months ago at Rolls-Royce and basically filled with corrosion inhibitor, and you've got to blow that all through at the start.