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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.

Ultra-luxury automakers like Bentley and Rolls-Royce need to hurry up with EVs

In the five years that I've worked at Autoblog, I've read a lot of press releases. They're all pretty flowery and self-serving, but the ones that go the extra distance with lavish words and pompous phrasing tend to come from the most luxurious brands, Bentley and Rolls-Royce. And something that they both love talking about is sustainably sourced materials for their vehicles. The descriptions read like they've seen the light about using resources responsibly. That would be great, except for one thing: There's nothing sustainable about multi-ton land yachts with eight or more cylinders. Only one of Bentley's models can be had with fuel economy better than 20 mpg combined when running on gasoline, and guess what, it's not one of the brand's two plug-in hybrids (which are to be commended, but still seem half-hearted when we're talking serious sustainability). And Rolls-Royce is even worse without a single model even hitting 15 mpg combined. These automakers should have at least one EV model apiece. Apparently, there are some coming, but they're still years away, and that frankly shocks and frustrates me for a number of reasons. One of the big ones is that these brands couldn't be better suited to electric propulsion. What makes these cars impressive is their refinement and performance. You can't get much better in either of those categories than with beefy electric motors, which provide nearly silent operation with no gear changes and enormous power and torque ratings. And it's all achievable with a lot less effort than making an 8- or 12-cylinder internal combustion engine quiet and smooth. Sure, battery technology is complicated, and it's expensive and heavy, but all of that is covered by these brand's typical products. They can command prices that would easily absorb the cost of batteries. And the size and weight of current cars mean that loading them up with batteries to achieve range comparable to their gas models wouldn't be a problem, either. Heck, that's the exact strategy being used by GM and Ford to get huge range in their electric trucks. 2020 Porsche Taycan Turbo S View 41 Photos And the cost of the EV technology shouldn't even be that great for Bentley or Rolls-Royce, since they're both owned by companies that are leaders in electric car development with existing technology and the ability to spread costs out over various brands.

2016 Rolls-Royce Dawn opens up in public [w/video]

This is the third time I've seen this exact car. Rolls-Royce first showed me the Dawn at a private residence in Beverly Hills, then I saw it behind closed doors in Pebble Beach. Now it makes its official public debut at the Frankfurt Motor Show, and even though the car is old news to me, it's drawing quite a crowd. Of course, there's always reason to get excited when someone says, "New Rolls-Royce." The Dawn is a really pretty, four-seat convertible. It shares a lot of its underpinnings with the Ghost and Wraith, but nearly 80 percent of the body panels are new. Under that long hood sits Rolls' 6.6-liter, twin-turbo V12, producing 563 horsepower and 575 pound-feet of torque, mated to the silky-smooth ZF eight-speed automatic transmission. Rolls-Royce says the Dawn will be its most versatile canvas yet, with nearly endless possibilities for customization. I like the blue and orange of the showcar, but I'm excited to see how different colors look on this nicely sculpted, elegant convertible. If you haven't checked out the Dawn already, see it from all angles in our live gallery above. Everything else you could ever want to know about the new Rolls-Royce can be found in the press blast, below. ROLLS-ROYCE DAWN – UNCOMPROMISED DROPHEAD LUXURY September, 8 2015 – Goodwood UK "Our new Rolls-Royce Dawn promises a striking, seductive encounter like no other Rolls-Royce to date, and begins a new age of open-top, super-luxury motoring. Dawn is a beautiful new motor car that offers the most uncompromised open-top motoring experience in the world. A true four-seater, it will be the most social of super-luxury drophead motor cars for those who wish to bathe in the sunlight of the world's most exclusive social hotspots. Quite simply, it is the sexiest Rolls-Royce ever built. The name 'Dawn' perfectly suggests the fresh opportunities that every new day holds – an awakening, an opening up of one's senses and a burst of sunshine. In its tentative, inchoate, anticipatory state, dawn is the world coming to light from the ethereal dark of the night. The early-day chill of dawn provides an erotic tingle on the skin, awakening the senses and passions as the day begins.