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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 says SUV will in fact be called Cullinan, releases photos

We have known the upcoming Rolls-Royce luxury SUV is called is called Cullinan for a while now, but it took until today for the manufacturer to officially acknowledge the name. Referring to the quite simply enormous Cullinan diamond, Rolls-Royce says the name befits the new "high-bodied vehicle," carefully steering around the SUV moniker. "The name Cullinan has been hiding in plain sight since we revealed it as the project name some years ago," says Rolls-Royce CEO Torsten Muller-Otvos. "It is the most fitting name for our extraordinary new product. Cullinan is a motor car of such clarity of purpose, such flawless quality and preciousness, and such presence that it recalibrates the scale and possibility of true luxury. Just like the Cullinan Diamond, the largest flawless diamond ever found, it emerges when it is perfect and exists above all others." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. At the same time, Rolls-Royce also released new official photos of the Cullinan, though it is still wearing camouflage. One of the photos depicts a test mule climbing a muddy hill, a territory unclaimed by Rolls-Royces except for ones modified by privateer rally teams. The Cullinan, based on a new proprietary aluminum spaceframe, is expected to be unveiled by late summer 2018, with deliveries starting in 2019. The vehicle's introduction is planned to lift the brand's yearly sales to 5,000 units per year, as they fell to 3,362 in 2017. View 5 Photos Related Video: Image Credit: Rolls-Royce Motorcars Rolls-Royce SUV Luxury rolls-royce cullinan

2014 Rolls-Royce Wraith is everything you need, everything you don't [w/videos]

It's not often that we get to talk about a new Rolls-Royce, what with the fact that the company's current model line is basically made up of two vehicles. But that all changes here at the 2013 Geneva Motor Show, with the introduction of what might be the most emotional Roller of modern times, the Wraith.
The new two-door Rolls is effectively a Ghost coupe, and it stands to reason that this is Royce's answer to the Bentley Continental GT, albeit at a higher price point. Much higher, actually - the 245,000-euro - $320k USD - price of entry for the Wraith is about $100,000 more than a Continental GT Speed coupe. Woof. And to our eyes, all that extra money isn't buying you much in the looks department, as the collective opinion of the Autoblog editors on-site in Geneva is that it's more imposing than elegant.
But the Wraith will no doubt be a special, exclusive, impressive machine for anyone who plunks down that sort of cash. For starters, it's powered by a V12 that puts out an impressive 624 horsepower and 590 pound-feet of torque mated to an eight-speed ZF "Satellite Aided" transmission. This nifty cog-swapper actually works with GPS to not only pre-select the right gear for the portion of road you're on, but for the next portion of you'll be driving on, as well. That, friends, is cool.