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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 restores a pair of soapbox racers it built in the 2000s

Rolls-Royce inaugurated its current headquarters in Goodwood, England, in 2003, but it started making cars there before the plant was officially opened. It built a soapbox racer called RR-0.01 in 2001 and manufactured a second example named RR-0.02 the following year. These one-offs were raced at the Goodwood Festival of Speed and largely forgotten about until they were given a full restoration in 2024. Building a soapbox racer might sound odd for a brand that develops some of the world's most luxurious cars. Rolls-Royce explains that entering the Goodwood Festival of Speed's Soapbox Challenge was a way to preview what was then a new chapter in its history. In just a few short years, it had been sold to Volkswagen by a company named Vickers and sold again to BMW after an intense round of negotiations. It had split from Bentley, its longtime sister company, and it was forced to build a new plant, a new headquarters, and develop a new range. The soapbox racers were made by some of the same workers that later manufactured models like the Phantom, and they featured a Rolls-Royce-esque design thanks largely to a bright grille with vertical slats. It should come as no surprise that these weren't your typical home-brewed racers built on a gutted riding lawnmower chassis. Rolls-Royce used carbon fiber, fiberglass, and aluminum to keep the 0.01's weight in check, for example, while the 0.02 featured a formula racing-style steering rack, wood trim, as well as leather upholstery. The two racers also stood out with several unusual design cues: 0.01 wore a hare-shaped hood ornament while 0.02 got a "??" logo above the grille. Rolls-Royce notes that its soapbox racers last competed in 2013; during the event, 0.02 reached 72 mph, which is remarkable (and a little scary) considering it's powered solely by gravity. They were stored in as-raced condition until the company asked a team of apprentices to fully restore them. The work performed included repairing parts damaged during racing, including 0.01's grille and 0.02's wood cowl. Both freshly-restored racers will be displayed at the Rolls-Royce Enthusiasts' Club's headquarters in Northamptonshire, England. Featured Gallery Rolls-Royce's RR-0.01 and RR-0.02 soapbox racers Design/Style Rolls-Royce

Upcoming Rolls-Royce Ghost wears evolutionary design in spy photos

The wow factor of a Rolls-Royce does not come from wild, outlandish design. Its cars and SUV are stately, mature, handsome and do not change looks with a shift of the wind like many vehicles in the auto industry. Those who know model cycles know that Rolls-Royce follows a slightly longer timeline than most, and for the current Ghost, its time is nearly up. These spy shots give us an early glimpse of what the updated model will look like. Even with a ton of camo on the car, the photos confirm what we already know about Rolls-Royce: It's a company that does not stray from what its designers deem to be a classic look. The new Phantom looks like the old Phantom, the Wraith looks like the Ghost, and the Cullinan looks like the Phantom. And thus, the new Ghost is pretty much going to look like the current Ghost, just with a few modernizations that will help the model age as well as Pierce Brosnan. What the spy shots show is evolutionary. It retains its traditional three-box sedan design, if slightly smoothed over. It retains the long hood with the blunt snout and vertical bar grille, it has a high belt line that extends the length of the car, the same coach door handles, and even the exact same wheels (though that is typical of a test car). The changes we notice are minor. The car will likely have updated front and rear lighting, the side mirrors appear to have slightly more aerodynamic designs with cameras embedded, and the small third window appears to have a slight change in shape. Following in the footsteps of the Phantom, the new Ghost will likely ride on Rolls-Royce's new Architecture of Luxury platform for an improved ride and drive. We expect the Ghost will take on the Phantom's new 6.75-liter twin-turbocharged V12 powertrain, and it's possible it could also gain four-wheel steering technology. There are rumors about Rolls-Royce producing an EV in the future, but there's no indication which vehicle it would be, or if that's real at all. Check back in the future, as we'll update details on the upcoming Ghost as we see more photos and learn more information. Related Video: