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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.

NBA sneakerhead P.J. Tucker has Rolls-Royce Jordan 3s that match his Cullinan

There aren't many sneakers that 33-year-old Houston Rockets forward P.J. Tucker does not own. The only sneakers he hasn't gotten his hands on are likely rare grails normal people have never even heard of. His collection surpasses 2200 shoes, and he spent more than $200,000 on sneakers just during the 2017-2018 season. For sneaker fanatics, nearly every time he steps on the court is a throwback to a moment in shoe history or the creation of a new one. Tucker debuted Jerry Lorenzo's Fear of God Nike collaboration. He wore Stewie Griffin-themed Nike LeBron 6s that are valued at about $20,000 on Christmas day. Highly sought-after Nike Off-Whites are like Converse Chucks to him. So, what can you gift the sneakerhead who has everything? Houston-based Post Oak Motors knew it couldn't just gift any old pair of kicks from Flight Club, so the dealership commissioned a pair of Rolls-Royce-themed Air Jordan 3s to match the Rolls-Royce Cullinan that Tucker had recently purchased. The custom kicks were crafted by Jake Danklefs and his crew at Dank & Co. As shown in his Instagram post below, they were made to mirror the color scheme of the Cullinan Tucker ordered, which has white paint over a red interior. From afar, they look pretty similar to the Pure White Jordan 3 retros, but the details set it far apart from that general release shoe. Aside from the red guts and icey translucent outsole, the shoe is made entirely of various textures and hues of white. It has gloss, it has matte leather, it has alligator print, and it has a secondary reptile print. It all comes together with the double-R Rolls-Royce logo on the tongue. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Tucker likes his cars, too. In addition to his Cullinan, he's flashed on Instagram a Miami Blue AWT Motorsports Porsche 911, a Rolls-Royce Phantom, a Lamborghini Aventador Roadster, and a Ferrari 488 Spider. He even has a photo of him with an old gold Nissan Maxima similar to the one his mom bought him for his first car when he was 14 years old. To some, this kind of sneaker obsession might seem frivolous or silly, but who are we to speak? We're car nerds, possibly the most money-sucking hobby there is. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: PJ Tucker via Instagram, Jake Danklefs Auto News Celebrities Rolls-Royce merchandise

Bugatti and Rolls-Royce set annual sales records in 2022

Most of the carmakers positioned on the industry's upper echelons ended 2021 on a high note, and many posted even better sales figures in 2022. Bugatti and Rolls-Royce independently announced that they set new sales records in 2022 and noted that the future looks bright. Bugatti is one of the smallest car companies so its record might not initially sound impressive: it delivered 80 cars in 2022, which is exactly the number it predicted at the beginning of that year. If that seems like a rounding error, keep in mind that every car it offers is a hand-built, limited-edition model with a price tag pegged well into the six digits. Viewed in that light, making and delivering 80 cars is an impressive feat. That number includes the 400th example of the sold-out Chiron, the last nine units of the Chiron Super Sport 300+, and the 10 planned examples of the Centodieci. Bugatti points out that 80 cars is a record for the Molsheim factory, which was inaugurated in France in 2005. Bugatti has its work cut out for the coming years. It needs to build the final units of the Chiron, the 99 examples of the Mistral (pictured), and the 40 units of the track-only Bolide. All of these cars are sold-out so the firm currently doesn't have a car to sell but that's set to change soon: Bugatti-Rimac CEO Mate Rimac pledged to release more details about Bugatti's future in the second half of 2023, and he added that "Bugatti will honor its rich motorsport heritage and its connection with the 24 Hours of Le Mans, which celebrates its centenary year." Across the English Channel, Rolls-Royce delivered 6,021 cars in 2022, an increase of 8% compared to 2021 and its first annual result above the 6,000-unit mark. The company notes that these cars went to customers in about 50 different countries. Demand for personalized cars was at an all-time high in 2022 and the average selling price of a Rolls-Royce now stands at approximately ˆ500,000 (around $536,000). Rolls-Royce's biggest market remains the United States, where sales increased in 2022, followed by China, where sales posted a single-digit drop due to COVID-related lockdowns and other headwinds blowing across the nation. Sales in Europe increased in 2022 as well in spite of the war in Ukraine; Germany and the United Kingdom are among the nations that posted record sales in 2022. Interestingly, one of Rolls-Royce's largest Asian markets is South Korea, and more Bespoke orders came from the Middle East than from any other region.