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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.

2018 Rolls-Royce Phantom VIII First Look | It's all new, we swear!

At a well-decorated warehouse just off Hollywood's Sunset Blvd., a gaggle of PR, design, operations, and executives from Rolls-Royce Motor Cars are stoking our excitement for the all-new, 2018 Rolls-Royce Phantom VIII. Along with the normal Rolls-Roycey words like "heritage," "brand," and "bespoke," was a repeated phrase. A phrase that shouldn't be necessary. A phrase eliciting a concept that should be obvious if true. The new car, it said, was "not an evolution" on the current Phantom. That, friends, is exciting to hear. Don't get us wrong, we like the train-engine-bolted-to-a-horseless-carriage look, and the beast's scale and presence on the street. Trouble is, since the car first took to unsmoothing our air with its cathedral-facade front end in 2003, the looks have gotten a little, um, tired. Blame the mercilessness of time. Blame the success of the car, which means they're on every street corner in west Los Angeles. Blame the "imitation-is-the-most-sincere-form-of-flattery" Chrysler 300. Blame the fact that this car's magnetism vaults it into the public eye more frequently than a Kardashian. Whatever the cause, fact is, the Phantom needs a reboot. A subtle evolution a la the last Bentley Continental won't do. The lights are out. We're led through a darkened antechamber into the full-dark of the warehouse. We can see the shape. It's big and has the classic squared off D-pillar. The front, too, has the required grille bigness. It is enviously long. Let's pause. Here at Autoblog, we're known for giving people advice. We take that responsibility seriously, because the results of our evaluations and expertise are often the reason someone has dropped thousands of dollars on a car they're going to live with for many years. We try to keep it on cars and to not to get too preachy on the life coaching. We're going to break that convention now. Here's a life pro tip: The more frequently that someone in a position of power repeats a claim, the more likely it is that that claim is false. The lights click on. The men and women of Rolls-Royce, for whom this project is a true honor, clap in genuine appreciation and reverence for what they've been a part of. And the journalists in the room turn to each other and mouth, "Wait, is this the new one?" If you're casually familiar with the current-gen Phantom, based on seeing them pull into the club as you wait in line, then this new one will likely register as just another Phantom when it hits the streets early next year.

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.