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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 Wraith gets Inspired by Music for latest special

A favored status symbol of both old money and new, Rolls-Royce has counted some of the most famously wealthy personalities among its clients over the years. More than a few of them, of course, have been musicians – rock n' roll icons, in fact. And it's their legend from which the British automaker has drawn the inspiration for this latest special edition. Based on the Wraith fastback, the Inspired by Music edition is all done up in black and bronze. It's got a dark Lyrical Copper paintjob on the outside, and both brushed and polished copper trim throughout the interior. There's a bright book-matched copper dashboard, along with copper door inserts, speaker grilles, and more. Goodwood's customization department has also fitted it with woven leather floor mats and a special clock with a bezel designed to emulate vinyl records. Of course, it's also got what promises to be one of the finest sound systems in the industry. The Bespoke Audio setup packs 1300 watts of power and 18 speakers – including two subwoofers, seven tweeters, seven mid-range speakers, and two "exciter" speakers embedded in the headliner to round it all out. It even uses microphones to monitor sound levels inside and out of the vehicle, adjusting the volume and tone to compensate. This is the third such inspired Wraith special edition that Rolls-Royce has released. Back in May it released a rather different take in the white-on-white Inspired by Fashion edition. That was preceded in late March by the Inspired by Film edition. Each Wraith packs a 624-horsepower, 6.6-liter twin-turbo V12, making them the fastest, most powerful Rolls models to date. And if none of these particular special editions tickle your fancy, we're sure the company will create one for you to your own exacting specifications – assuming of course that you've got the means. Related Video: ROLLS-ROYCE WRAITH 'INSPIRED BY MUSIC' Rolls-Royce Motor Cars has contributed to the myth and legend of the contemporary music scene since the birth of Rock & Roll. Over half a century later, this long-standing love affair lives on, with some of the world's most celebrated artists choosing the marque as the ultimate affirmation of their success. In this spirit, Rolls-Royce Motor Cars is delighted to present Wraith 'Inspired by Music'. Since the launch of Wraith in 2013, customers have been able to commission their Rolls-Royce Wraith with Bespoke Audio; the most exhaustively designed sound system in automotive history.

Rolls-Royce Spectre reveal: Watch it here live Tuesday morning

Rolls-Royce is preparing to unveil the Spectre, its first series-produced electric car. The big coupe is scheduled to make its global debut online tomorrow (Tuesday, October 18) at 8 a.m. Eastern, and you can watch the livestream right here to get all of the details. Official details about the Spectre remain few and far between; Rolls-Royce has done a good job keeping the EV under wraps. Official spy shots published by the British company in July 2022 suggest that the model will wear a futuristic-looking design, though it will remain recognizable as a member of the Rolls-Royce range, and it will be the brand's most aerodynamic car thanks to a 0.25 drag coefficient. Inside, the Spectre will be mostly standard Rolls-Royce fare. One of the exceptions is a digital instrument cluster. 2024 Rolls-Royce Spectre testing in Frnace View 10 Photos Rolls-Royce noted that it put the Spectre through the most rigorous testing program it has ever subjected a new model to; prototypes will have covered over 1.5 million miles by the time deliveries begin. While that might sound like overkill, there's a lot to test: In addition to a battery-powered drivetrain, the Spectre features "141,200 sender-receiver relations and has more than 1,000 functions and more than 25,000 sub-functions," according to the company, and it will inaugurate a new suspension system capable of disconnecting the roll bars. Details such as horsepower and driving range will be announced during the unveiling. One of the figures that we do know is that the 59-inch-long doors are the longest units ever fitted to a production Rolls-Royce; put another way, they're nearly as long as a Smart Fortwo is wide. Tune in tomorrow to watch the Spectre make its debut. Deliveries will begin in the fourth quarter of 2023, and pricing hasn't been announced — though Rolls-Royce buyers aren't price-sensitive.