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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.

Muhammad Ali's 1970 Rolls-Royce Silver Shadow is going for auction

Boxing fans and Rolls-Royce fans, get your wallets ready. A very special car is going to cross the Bonhams auction block this October. It's a 1970 Rolls-Royce Silver Shadow Mulliner Park Ward convertible that was owned by none other than Muhammad Ali, the boxer that ended George Foreman's undefeated streak. Bonhams reports that the car was owned by Ali for 6 years, meaning Ali must've enjoyed this car and used it quite a bit. The company postulates that since Ali bought the car in 1970, it may have been a celebratory purchase, since that was the first year Ali could box again after a five-year ban from the sport for being a conscientious objector during the Vietnam War. The car itself has a number of notable features. For one thing, Bonhams says the car is completely unrestored, and is in quite good condition as such. It also is apparently one of just 272 Silver Shadow Mulliner Park Wards that were built with left-hand drive. It ended up in Holland after Ali's tenure with it, which is partly why it will go for auction at a Bonhams auction in Belgium. Also interesting is that this is a celebrity car – a nice one, too – that is in the realm of affordability. Bonhams estimates it could sell for between $47,000 and $70,000. The low end of that price is actually a couple grand less than Hagerty's estimate of $49,200 for a concours-ready example without celebrity history. And even at the high end, you'll still be paying way less for this than, say, a new Rolls-Royce Ghost. So if you can get yourself to Holland and have the means to buy and ship the car, this could be a way to get a great celebrity car for not a massive amount of money. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Third Rolls-Royce Wraith teaser looks inward

After shadowy images of the 2014 Rolls-Royce Wraith in profile and of the car's rump, the slow striptease of this hyper-luxury coupe finally starts to show us what the inside of the car will look like. We'll get our up-close look at the 2014 Wraith at the Geneva Motor Show on March 5th, but to tide us over until then, Rolls-Royce has provided a pair of images showing just some of the details that will be present inside.
Promising the interior of an "ultra-luxury yacht," the Wraith will get plenty of soft leather and real wood paneling, and as we suspected, this car will share a lot of interior bits with its sedan counterpart, the Rolls-Royce Ghost. We can somewhat see this from the second image provided showing the placement of the clock and the air vents that look almost identical to what can be seen currently on the Ghost. On the Wraith, though, the clock's hands feature "Blood Orange" tips, which not only contrast the high-gloss, piano black finish of this instrument panel but also is designed to pay homage to the aviation side of Rolls-Royce.