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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.

Check out King Charles III's $17.6 million car collection

King Charles III's coronation will take place in England on May 6, and being crowned a monarch comes with a long list of perks with four wheels. He will gain full access to the Royal Family's fleet of cars, which is valued at about GBP14 million (approximately $17.6 million). The two most expensive cars in the collection are nearly identical: they're a pair of Bentley State Limousine models (pictured) built for Queen Elizabeth II, King Charles III's mother, in 2002. Only two units were made, and they're both part of the Royal Family's fleet, so they're difficult to put a value on; it's not like one is going to end up listed on your favorite auction site anytime soon. British company Nationwide Vehicle Contracts, which compiled the list, estimates that each armored, 245-inch long sedan is worth at least GBP10,000,000 (roughly $12.6 million). Dropping below the eight-digit threshold, the second-most-valuable car in the Royal Family's fleet isn't really a car. It's the Gold State Coach, which Matchbox recently released a 1/64-scale replica of, and its value is estimated at GBP1.6 million (about $2 million). At 275 inches long it's even bigger than the Bentley limousine and it weighs about 9,000 pounds. It's 261 years old and designed to be pulled by eight horses, and has been part of every coronation since 1831. The rest of the Royal Family's vehicles are relatively mundane. There's a 1965 Aston Martin DB6 Volante that Queen Elizabeth II and her husband, Prince Phillip, bought for King Charles III on his 21st birthday. It's worth GBP1 million (about $1.2 million). The collection also includes a Rolls-Royce Phantom VI (about $627,000), a Bentley Bentayga (about $201,000), a Land Rover Range Rover long-wheelbase Landaulet ($133,000), a Jaguar XE (about $41,000), and a Land Rover Defender ($38,000). "Luxury cars have long been associated with the monarch and King Charles III, in particular, is known for his fondness of motor vehicles. His impressive collection features sentimental value with motors passed down from his late mother, Queen Elizabeth II, to cars bought for him by his parents," explained Keith Hawes, the director of Nationwide Vehicle Contracts, in an interview with CBS News. Being at the head of a car-making nation's royal family also comes with drawbacks: Every vehicle in King Charles III's fleet is British.

Rolls-Royce Spectre EV getting a 650-horsepower Black Badge variant?

The electric Rolls-Royce Spectre made its debut earlier in 2023, and the British brand is already looking at ways to expand the range. While nothing is official, leaked certification documents for the Australian market suggest that a Black Badge model with more power is on its way. Australian website Drive wrote that the Spectre Black Badge's unveiling is imminent. While it didn't publish the leaked documents, so we can't verify their authenticity, it noted that the Black Badge treatment will include a 650-horsepower evolution of the standard car's dual-motor drivetrain. For context, the standard variant of the Spectre is rated at 577 horsepower. If the leaked figure is accurate, the Spectre Black Badge will be the most powerful series-produced car in the Rolls-Royce range, eclipsing models like the 592-horse Cullinan Black Badge. The extra power shouldn't have a major effect on driving range. The aforementioned certification documents peg the coupe's range at up to 342 miles, compared to about 345 for the standard Spectre. Keep in mind those figures won't necessarily carry over to the American-market model, because Australia uses its own methods to obtain a range figure. In the United States, the Spectre has a range of up to 260 miles. Beyond the drivetrain, the Spectre Black Badge will receive the same basic tweaks as other Black Badge-branded members of the Rolls-Royce range, according to the same report. The list will include a suspension system revised for sportier handling, blacked-out design details, trim-specific wheels, and new-look interior trim. Of course, buyers will be able to customize nearly aspect of the Spectre Black Badge. Rolls-Royce hasn't commented on the report, and it hasn't confirmed plans to launch a Black Badge variant of the Spectre, let alone one with a 650-horsepower drivetrain. If the rumor is accurate, we should learn more about the big electric coupe in the not-too-distant future. Pricing hasn't been announced, but the Black Badge will cost more than the standard Spectre. Don't try to flip one: Rolls-Royce will blacklist you.