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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 Wraith Black Arrow marks end of V12 coupe era

Rolls-Royce is offering luxury car fans one last taste of the velvet hammer. In marking the end of the line for the Wraith coupe and its sumptuous V-12 engine, Rolls Royce announced an extremely limited model: the Black Badge Wraith Black Arrow edition. In keeping with it being the last V-12 coupe, Rolls-Royce is only making 12 of the cars — which are already subscribed to clients in other parts of the world, since Rolls delivered its last North American Wraith a little over a year ago. “As the last examples of this landmark motor car get ready to leave Goodwood, we commemorate WraithÂ’s status as the last series V12 coupe we will ever make,” Rolls-Royce Motor Cars CEO Torsten Muller-Otvos said in a statement. “This magnificent final V12 coupe Collection captures both the significance and spirit of Wraith through the marqueÂ’s hallmark and peerless Bespoke capabilities.” The Wraith debuted back in 2013 and was a big hit for Rolls-Royce fans looking for a modern interpretation of a Rolls-Royce coupe. The British automaker says it brought in a new, younger generation of buyers for the brand - with the coupe featured in popular movies and music. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In keep with RollsÂ’ bespoke capabilities as Muller-Otvos mentioned, the Black Arrow edition will use special open-pore Black Wood veneer for its internal panels, including a rear “waterfall” panel that separates the rear seats. The seats, door details, and lower dashboard panel will be lined with special new “club leather” materials, that feature enhanced color contrast and more natural leather markings. Rolls says this is to give drivers a more “club-armchair type of driving seat.” Of course the most important feature of this special edition is its V-12 engine. Here the 12-cylinder thatÂ’s so smooth one can barely hear it displaces 6.6 liters and outputs 624 horsepower and 605 lb-ft of torque. Yahoo Finance reviewed the standard Dawn Black Badge (the WraithÂ’s convertible sibling) and it was a smooth, powerful, and rather unique driving experience. Now this amount of luxury and exclusivity does not come cheap. While pricing was not released for this special edition Black Arrow, the standard Wraith coupe starts around $350,000.

Leaked patent images reveal one-off Rolls-Royce with boattail rear end

Rolls-Royce's bee apiary is expected to produce a record-breaking amount of honey in 2020, but the 250,000 bees that live and work on the company's property aren't the only ones staying busy this year. Leaked patent images posted online have revealed a one-off coupe that was likely commissioned by a wealthy collector. Spanish enthusiast forum Coches Spias first published the images, which were released by Brazil's patent authority. Up front, the coupe falls in line with the company's current design language with a tall, upright grille and thin LEDs positioned above a set of round headlights. Suicide doors add a touch of class to the overall design, and flying buttresses that stretch over what look like blacked-out b-pillars connect the roof to the rear end.  Rolls-Royce has dabbled in one-off, client-requested models before; it introduced the one-of-a-kind Sweptail in 2017. Shown below, it took the form of a big coupe with a trailing boattail design, but the model depicted in the patent images takes the maritime-inspired design a step further with what looks like wooden decking over the rear end. We'll let you decide if it resembles a boat, or a fancy tonneau cover built for a classic pickup truck. View 14 Photos Although technical details didn't accompany the patent images, we're speculating the one-off is based on the Wraith, which is the only coupe in the Rolls-Royce range. Shortening the Phantom's platform is certainly feasible, but it sounds like a tremendous amount of work, even for what was certainly a money-no-object build. Venturing further into speculation territory leads us to a 6.6-liter V12 engine, which effortlessly develops 624 horsepower and 605 pound-feet of torque when it's bolted in the Wraith's engine bay. It likely powers this car, too, but its power levels might have increased. It probably spins the rear wheels via an eight-speed automatic transmission. Rolls-Royce is keeping its lips sealed about this project. We expect to learn more about it in the coming months, but some details (like the identity of the collector who commissioned it) might not be revealed until several years after the coupe's global introduction. As for pricing, keep in mind the aforementioned Sweptail allegedly cost $13 million. It's not the most expensive new car ever sold; that honor goes to the Bugatti La Voiture Noire. It cost about $12.5 million before taxes, and over $18 million after, claiming it the title. Related Video: