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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 celebrates brand's 120th with Ghost Prism

The Ghost might be Rolls-Royce’s smaller, “entry-level” car, but those words donÂ’t mean much when referring to the storied British automaker. With an almost $350,000 starting price, the Ghost is nearly as exclusive as its larger counterparts, but the recently announced Prism model will be even harder to get. Rolls said it would produce just 120 units of the car to celebrate its 120th anniversary in 2024, though itÂ’s unclear how many are already sold. As these things typically go, high-value clients and famous people tend to get the first crack at exclusive models, as theyÂ’re meant to be rolling advertisements for the brand. Last year was the brandÂ’s best ever, as it moved more than 6,000 vehicles in 2023, with America and record growth in the Middle East leading the charge. The automakerÂ’s demo car came in Gunmetal gray, which it said took 16 hours of hand polishing and a ten-step process that involves four layers of paint application. A high-gloss black-gray color is applied to the grille and trunk lid, which involves polishing the paints to such a high-gloss finish that they appear metallic. The dark colors highlighted with bolder hues are meant to convey the appearance of a prism, hence the carÂ’s name. Buyers can choose between four accent colors: Forge Yellow, Mandarin, Phoenix Red, and Mandarin. The color is applied to the brake calipers, lower bumper inserts and coachline, which Rolls said is a styling element that ties together the “mechanical, aerodynamic, and sculptural elements of Ghost.” Inside, the car gets Rolls-RoyceÂ’s famous Starlight Headliner with 1,040 individual LED “stars” across the interior roof. While these exclusive features are selling points for the Ghose Prism, Rolls said buyers still get access to its entire catalog of colors, materials, and options. Most people extend the automakerÂ’s already extreme purchase prices by several thousand dollars, pushing the average purchase price far above what we see on paper. Related Video

2021 Rolls-Royce Ghost gets high-tech suspension, AWD, rear-wheel steering

The first-generation Rolls-Royce Ghost started life as a BMW 7 Series, and in 10 years on sale became the best-selling model the brand has known. That sedan ended production last year, leading Rolls-Royce to begin the process of introducing us to the second-generation Ghost. Having abundant feedback from customers about what they'd like in the new model, and, more importantly, having listened to the feedback, Rolls-Royce realized it would need to start from scratch. Engineers modified the aluminum-intensive Architecture of Luxury that supports the Phantom and Cullinan to fit the Ghost's needs, in standard and Extended Wheelbase spec. Instead of the predecessor's rear-wheel drive, the coming Ghost will get standard all-wheel drive. And taking another page from the big brother Cullinan, the entry-level offering will come with rear-wheel steering, too. Going beyond the other two models in the brand's lineup, the Ghost will be the first to fit what Rolls-Royce calls its Planar suspension that brings together three technologies. The first is an upper wishbone damper unit that's been three years in development, placed above the front suspension. The automaker didn't go into details, but the damper unit is said to provide an improvement on the brand's "hallmark magic carpet ride and dynamic abilities." The Flagbearer camera system monitors the road surface ahead to prepare the suspension, a technology offered on the Mercedes-Benz S-Class for a few years now. The third Planar trick is a satellite-aided transmission, wherein the ZF eight-speed automatic "draws GPS data to pre-select optimum gear for upcoming corners," a technology already in use on the Phantom. The bodywork won't stray far from what we know; designers wrapped Spirit of Ecstasy opulence into a discrete package. Inside, the gauge cluster will go digital inside three fixed instrument bezels, next to a widescreen infotainment display, and driver assistance features could include everything from night-vision to some advanced self-driving capability. Under the hood, we expect the same 6.75-liter V12 utilized by the Phantom and Cullinan, with something like 560 horsepower. The global situation pushed the Ghost's launch back, we're told. Deliveries should begin early next year, with a debut sometime between now and then. The first-gen ran $314,400 in standard length, $348,400 in EWB guise.