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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.

2021 Rolls-Royce Ghost Extended is a lavish living room on wheels

Rolls-Royce made the second-generation Ghost about 3.5 inches longer than its predecessor. If that's not enough, the British firm just unveiled a long-wheelbase variant named Extended that gains another seven inches. Company boss Torsten Muller-Otvos explained the Ghost Extended was developed for customers who want to be driven during the week, but who prefer to drive themselves on the weekend. His team's challenge was to carve out more space for the rear passengers without compromising the sedan's handling, or significantly altering its proportions. To that end, stylists extended only the rear doors and the sheetmetal around them. Rolls-Royce hasn't released images of the front part of the cabin; it's what's out back that counts. Business-class-like individual Serenity Seats are offered at an extra cost (even the ultra-rich have to tick option boxes), and the BMW-owned company proudly noted it allocated a spectacular amount of resources to developing the perfect in-car champagne cooler. Nestled between the rear seats, it has two operating modes: it chills non-vintage champagne to precisely 6 degrees Celsius, and vintage champagne to exactly 11 degrees. Rear-seat passengers can sit back, sip Dom Perignon Rose that costs as much as a Nissan Sentra, and enjoy more legroom than many people have in their living room. Only the Phantom Extended offers a more spacious cabin, the firm claims. Alternatively, they can work on-the-move thanks in part to the in-car Wi-Fi hotspot. Rolls-Royce made no mechanical changes, meaning the Extended uses the same 6.75-liter V12 as the standard-wheelbase model. It's twin-turbocharged to 563 horsepower and 627 pound-feet of torque, and it spins the four wheels via an eight-speed automatic transmission. All-wheel steering comes standard, and one of the most advanced suspension systems in the world ensures the Ghost delivers the Magic Carpet Ride buyers expect. Ghost Extended deliveries will begin during the fourth quarter of 2020. Rolls-Royce hasn't announced pricing information, but the sedan likely costs over $350,000 before options — and champagne — are factored in. Related Video: Featured Gallery 2021 Rolls-Royce Ghost Extended, official images View 10 Photos Rolls-Royce Luxury Sedan

Rolls-Royce Ghost Series II headed to Geneva

Rolls-Royce is not a brand that replaces its vehicles with any great frequency. It expands its lineup, sure: what started with just the Phantom saloon has since grown to include extended wheelbase models, coupes and convertibles, not to mention the addition of the Ghost, followed by the Ghost EWB and the Wraith fastback. What Rolls does to keep its models fresh, however, is spruce them up with a Series II.
The Phantom family underwent just such a treatment a couple of years ago, and now Goodwood appears to be preparing to do the same with the Ghost. At least, that is, going by this teaser image it released with only the line, "After five years as the cornerstone of Rolls-Royce's sustainable growth success worldwide, this mid-life update is a showcase for the most recent technological advances from Rolls-Royce enrobed in a considered exterior design revision."
The arrival of the Ghost Series II at the Geneva Motor Show this year would put it significantly ahead of schedule for when Rolls updated the Phantom. That model arrived in 2003 and was followed by the Series II in 2012, giving the original a nine-year run virtually unchanged. The Ghost, however, only reached production in 2010, so introducing a Series II now would shorten that lifecycle to just four years.