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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.

What is the most expensive car in the world?

Highlighting one single vehicle as the most expensive car in the world isn't as straightforward as you might think. To get a solid answer, we're going to have to break the question into a couple of parts. First, we'll discuss the most expensive new car in the world, and second, the most expensive collector car in the world. And by the end of the article, you'll be armed with the information you're looking for: What is the most expensive car in the world? Before we get into the stratospheric numbers, let's take a step back and put things in perspective. For the last year or so, the average transaction price for a new car has hovered right around $48,000. That's almost 10 grand more than new cars cost in 2019, before the pandemic. What will that buy you today? Well, you can get a midrange Ford F-150, a Kia Telluride, or a Ford Mustang GT with a few options. Not bad when you consider that these choices are among the best in their respective classes. At the very bottom of the spectrum is the Nissan Versa, which is available brand new for well under $20,000. Sure, there are a few anomalies such as the Changli Nemica (it's kinda a car, though not exactly street legal here in America) that can be ordered from Alibaba for about $1,000 to start, but there are a bunch of hidden costs, including shipping. Most expensive car in 2024: Rolls-Royce Droptail Price: $30 million Outside of the classic car market, the most expensive new vehicle in the world is the Rolls-Royce Droptail. So far, three Droptail models have been built, one called the Arcadia Droptail, one in ruby tones called La Rose Noire Droptail and one called the Amethyst Droptail. The latest example, the Arcadia, is painted in a white shade that is infused with aluminum and glass particles for a pearl-like effect that adds depth. Past that, the overall design of all three Droptails remains largely unchanged with an upright grille, thin rear lights, and a rounded back end. Like other extremely luxurious and expensive nautical-themed cars from Rolls-Royce — see the 2017 Sweptail and the 2021 Boat Tail — the Droptail is a very rare machine. There's a solid chance the lone remaining version will cost even more than the $30 million-plus cost of the La Rose Noire. For those keeping track, the Rolls-Royce Boat Tail, which was previously the most expensive car in the world at $28 million, was the first model to emerge from the company's Coachbuild department that caters to the profanely wealthy.

2021 Rolls-Royce Ghost makes its debut with fresh styling and a real Rolls platform

After just over 10 years, the Rolls-Royce Ghost is getting its second generation. This is an important moment, since the Ghost has been the luxury brand's bestseller. The result is a car that has changed significantly underneath to refine the things owners will see and experience. The exterior styling doesn't look drastically different at first, but looking closer reveals many significant changes. The trademark Rolls-Royce grille is wider and taller, and doesn't have a thick arcing border around it. The headlights are larger with sharper corners and angled slightly to sweep up towards the corners of the fascia. Moving along the sides show a similar profile to the old car, but the tail's trunk lid leans forward, as do the taillights. There's not a distinct ledge to the rear bumper, either, giving this new Ghost a sportier appearance. An extra bit of flair Rolls-Royce added is the illuminated grille. There are 20 LED lights in the top part that shine down onto the grille slats, which in turn reflect light outward. Under this new skin is a chassis that's exclusive to Rolls-Royce, unlike the old Ghost's BMW 7 Series-derived chassis. This new frame uses the flexible all-aluminum platform that underpins the new Phantom and the Cullinan. The car is also larger than its predecessor with 3.5 more inches of length and 1.2 inches of width. It all sits on independent air suspension at all four corners featuring some upper wishbone dampers at the front that Rolls-Royce says helps improve ride quality, though hasn't revealed detailed information on how it does so. It's supported by software that coordinates the reactions dictated by the suspension sensors, drive settings, all-wheel drive, four-wheel-steering (both new features for the Ghost), and even the navigation-controlled transmission to optimize driving performance and comfort. Powering the Ghost is Rolls-Royce's twin-turbocharged 6.75-liter V12. It makes 563 horsepower and 627 pound-feet of torque. Obviously only an automatic transmission is available, and power goes to all four wheels as previously mentioned. The Ghost's interior takes cues from the Phantom, with a full-width section encompassing the instruments, infotainment and an artistic dash panel, which we'll talk more about in a moment. Below that is a wood-finished panel incorporating some air vents and controls. Open-pore woods are available, including one that features aluminum in the wood grain.