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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.

Watch the Rolls-Royce Phantom live reveal

Watch the live reveal of the all-new eighth-generation Rolls-Royce Phantom. For decades, the Phantom has defined what it means to be a luxury car. As with other Phantoms, look for metal, wood, and enough leather to support a small farming operation for years. Rolls-Royce Luxury Videos Sedan rolls-royce phantom

Rolls-Royce Serenity takes luxury to a new level in Geneva [w/video]

Rolls-Royce is known for cosseting occupants in the lap of luxury, but the brand is taking opulence to a whole new level at the 2015 Geneva Motor Show with the Serenity. The company's Bespoke Design team starts with the already lavish Phantom Extended Wheelbase and just keeps adding extravagant touches. The unique styling takes inspiration from Japanese royalty. For the exterior, the Serenity features a three-stage pearl-effect paint with 12 hours of hand polishing to make it really shine. There are also hand-painted flower blossoms in the coachline. The interior is where the grandeur truly shows, though. Rolls-Royce selected the highest grade of silk from China and then had it hand-woven in Britain into nearly 33 feet of fabric. From there artisans embroidered and hand-painted a delicate, design of trees and blossoms. Rolls-Royce used all of this special material to cover the rear seats, roof and door panels. For even more luxury, the company used a combination of Smoked Cherrywood, bamboo and mother of pearl for the trim. For a little extra embellishment, the designers even applied rubies to the clock. Despite all of the lavish design work, the Phantom Extended Wheelbase's mechanicals remain the same with a V12 engine and eight-speed automatic gearbox. Get a full look at the Serenity's luxurious styling in our gallery above from the Geneva show. Show full PR text ROLLS-ROYCE MOTOR CARS BRINGS SERENITY TO THE 2015 GENEVA INTERNATIONAL MOTOR SHOW 02/03/15 from Rolls-Royce Motor Cars "Celebrating the historical role played by silk as a symbol of ultimate elegance, the Rolls-Royce Motor Cars Bespoke Design team has created a magnificent one-off Phantom which will set a new benchmark for luxury individualisation in the motor industry, and reaffirm that Bespoke is Rolls-Royce." Torsten Muller-Otvos, CEO, Rolls-Royce Motor Cars. Rolls-Royce Motor Cars has brought Serenity to this year's Geneva International Motor Show, unveiling the new standard in authentic, bespoke luxury motoring to the world's media.