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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 Ghost meets its muddy maker in Jakarta flood

When severe weather or a natural disaster strikes an area, it's hard to get sentimental over trivial possessions like cars, but at the same time, as auto enthusiasts, it always pains us to see a rare car lost regardless of the circumstances. Heavy rains in Jakarta, Indonesia have produced the worst flooding in the city since 2007, which according to Reuters has left an estimated 18,000 people displaced from their homes in addition to six deaths, leaving the roadways covered covered in feet of water.
One of the many cars claimed by the rising waters was this Rolls-Royce Ghost that is surrounded by water that almost fully covers the massive wheels. There is no word as to how much water got inside this Ghost, but it was obviously enough that it could be bailed out by the bucket.

Rolls-Royce Cullinan offered in miniature 1:8 scale replica

Rolls-Royce sold a record 5,152 cars last year, up 25% thanks to demand for its new Cullinan SUV, and now it wants to sell a new version. It’s a 1:8 scale replica of the ultra-luxury “high-bodied vehicle,” which is what the brand originally went out of its way to refer to what it now acknowledges is an SUV. These are incredibly detailed, not-so-miniature replicas of the Cullinan, down to fully-functioning exterior lights operated by remote control and a “perfect likeness” of the 571-horsepower 6.75-liter twin-turbo V12. It also has illuminated tread plates, embroidered headrests and wood finishes in the cabin Each model is individually built by hand — and a white-gloved hand at that, if weÂ’re to believe the manufacturerÂ’s photos — from more than 1,000 components. Each one takes as much as 450 hours to build, which is more than half the time it takes to build the real vehicle at Goodwood. ItÂ’s then hand-painted with Rolls-Royce color-matched paint and polished by hand. Clients can choose from an astonishing 40,000 standard colors, or replicate a finish of their own choosing. The finished product comes presented in a meter-long display case, set on a gloss-black floor and mounted on a base, with a removable plastic window for closer inspection of the minutiae. “It demonstrates, and reminds us as a company, that inspiring greatness applies at every scale,” the brandÂ’s CEO Torsten Muller-Otvos said in a statement. WeÂ’ve asked Rolls about the price for the miniature and will update this if we hear back. The starting price of the full-size SUV itÂ’s modeled on is $330,000. Related Video: