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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's future models will be electric-only starting in 2030

Rolls-Royce's first series-produced electric car, the Spectre unveiled in 2022, won't be its last. The BMW-owned company announced that every new car it launches after 2030 will be electric-only, though it stressed that there's still space in its range for V12-powered models. "All future Rolls-Royces, new ones, will be only electric while maintaining what Rolls-Royce stands for," company boss Torsten Muller-Otvos told British magazine Car. He added that this thinking explains the Spectre's overall design. "That's why we also decided to go with classical Rolls-Royce proportions. It needs to look like a Rolls-Royce: monolithic, great stature, it carries proudly the pantheon grille. It drives like a Rolls-Royce, it accelerates like a Rolls-Royce, it wafts like a Rolls-Royce ... it has all of the same materials — while being electric," he said. That doesn't mean that Rolls-Royce's design department is stuck in a rut. The modular platform that underpins the Spectre (pictured) will serve as the foundation for other EVs, and Muller-Otvos told Car and he's open to experimenting with "very different technologies" and "different shapes," though he stopped short of providing specific details. "[Electric technology fits perfectly with the brand," he opined. Rolls-Royce expects the Spectre will be able to drive for up to 260 miles on a charge. That's not much, but the company explained driving range isn't a big concern for its customers. They mostly use their cars in urban centers and they're able to charge at home and at work. If you're saving up for a V12-powered Rolls-Royce, it's not too late. "I still foresee a very good business for us in future for Cullinans, for Ghosts," noted Muller-Otvos in the same interview.

This exploding Rolls-Royce Silver Shadow is angering, mesmerizing

Between Las Vegas and the emirates of the Persian Gulf, we're sure there are Rolls-Royces to be found in the desert all the time. And we don't doubt that, given those locations, one gets torched every so often. There'd probably even be someone in a tuxedo or evening gown running for cover when it happens, too. The thing is that we're seldom if ever there to watch it go down, much less capture it in stunning high-definition, frame-by-frame video when it does.
That's where this four-minute clip by Tyler Shields comes in. The American photographer and filmmaker staged and captured this Silver Shadow being doused in gasoline (or at least what we're supposed to believe is gasoline) and set afire in the Mojave Desert, along with actor Cru Ennis and actress Ana Mulvoy-Ten.
It's heartbreaking but mesmerizing, and you'll want to watch the video for yourself to see which side you fall on. If it's the former, take solace at least in the fact that the Silver Shadow is far from a rare beast. In fact, it remains by far the most prolific Rolls-Royce ever, with over 30,000 made between 1965 and 1980... so we doubt this one will be missed terribly.