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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.

Ex-Rolls-Royce design chief Ian Cameron killed at home

Former Rolls-Royce design chief Ian Cameron, the man who oversaw the automaker's design renaissance with the Phantom and Ghost ranges, was stabbed to death at his home in Bavaria (translated) on July 12. German newspaper reports have identified a suspect via surveillance camera (translated) whom police say is the killer. Apparently, the man went shopping at a store less than a mile from Cameron's house, then changed clothes and showed up at Cameron's door. A surveillance image before the suspect gets to the house shows him wearing the items that neighbors described, notably light pants, a dark blue hoodie, a red backpack and "yellow-green gloves." Someone reportedly cut the wires on the home security system, the suggestion being that the suspect or someone else involved had cased the house for at least a few days. It's said the killer rang the doorbell, attacking as soon as Cameron opened the front door, stabbing the designer to death. Verena Kloos, Cameron's wife, escaped to a neighbor's house and called police. This is a bizarre incident. Reports have floated the motivation that the killer wanted one of the vehicles in Cameron's car collection at the Bavarian property. Instead of going after a car, though, the killer ran off in his distinctive outfit, staying in the open long enough for neighbors to give a detailed description. He then changed clothes and ditched the backpack on a lakeside promenade not far from Cameron's house. Strangest of all, the man apparently left the clothes near the backpack, and the backpack contained items the man had bought during his shopping trip before the murder.  At the time of writing, police are searching throughout Germany but haven't caught the suspect. With a clear picture and a likely trove of DNA evidence, authorities have excellent leads. Anyone who can help is asked to get in touch with the Furstenfeldbruck Criminal Investigation Department at (+49) 8.14.16.120. Cameron's career started at Pininfarina in 1975, culminating in a greatest hits of designs while at BMW. He has exterior design of the third-generation Range Rover on his resume, as well as the BMW Z8. It was Cameron's Phantom, though, that helped create an entirely new Rolls-Royce after BMW bought the brand. CEO Chris Brownridge wrote on LinkedIn that "Ian played a significant role in shaping Rolls-Royce from when it was first acquired by BMW Group and moved to its home at Goodwood, West Sussex.

Tailor-made BMW motorcycles presented by Petrolicious

Italy is known as a world hub of great design, whether from finally crafted suits and shoes or screaming V8s from Ferrari. In its latest video, Petrolicious transitions to two wheels to focus on a man bringing the country's sophisticated style to some quintessentially German cycles. Calling Franco Augello a motorcycle customizer is almost a slander against his work. Instead of wild paint, heavily modified frames and serious engine upgrades, Augello's creations look more like high-end models from the original factory. His bespoke BMW R65 for a close friend is a perfect example of that craftsmanship. At first glance, the bike, which he calls the Inge 09 for his buddy's nickname, looks like a vintage BMW, albeit one in great shape. Looking closer, you can start picking out little details like the minimalist touches around the fuel filler and leather-wrapped grips. There's nothing flashy about Augello's bikes. Instead, his designs look like well-restored cycles that are more concerned with tiny improvements in some places rather than absolute authenticity. They offer all of the beauty of a Ermenegildo Zegna tailored suit with the ability to fire up the engine and take a ride.