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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 Phantom Limelight is opulence par excellence

Rolls-Royce never tires of putting out limited-edition versions of the company's plush models as a way to show off what its Bespoke team is capable of. The latest in a long line of ritzy Rolls is the new Phantom Limelight Collection, which takes inspiration from the theatrical stage. The luxurious sedan was technically unveiled at the recent Shanghai Motor Show, but detailed images and more info about the custom four-door was just released. Limited to 25 cars worldwide, the Limelight Collection marks the debut of Rolls' latest rear seats, and they are about as lavish as you would expect. The chair backs can recline up to 27 degrees, and a calf rest comes up a further 68 degrees to fully support wealthy passengers. There's also a power footrest hidden in the floor. Beyond the swanky seats, the Limelight also packs a dressers-worth of storage in the doors. Offered in both Ladies' or Gentleman's versions, they include custom places to store perfume, watches and jewelry. The rest of the interior is also available in two schemes that are dominated by either Seashell leather with Navy Blue as a contrast or vice-versa. To complete the theme, the exterior is painted in a shade called Gala Blue, and there's a Seashell and navy stripe painted down the side. Like the rest of Rolls' special cars, the Limelight amounts to some seriously upscale trim on an already high-class vehicle, but there's little doubt the company can sell all 25 of them. Related Video: ROLLS-ROYCE MOTOR CARS SHARES THE LIMELIGHT WITH PHANTOM CUSTOMERS 23 April 2015, Goodwood British engineering ingenuity and artistic creativity have proven to be the inspiration behind the naming and creation of the latest Bespoke Phantom Collection to emerge from the Home of Rolls-Royce in Goodwood, England. The Rolls-Royce Phantom Limelight Collection has been conceived for that select group of people who spend their lives in the public eye and on the world stage. Its name was inspired by the origin of a British invention which became synonymous with fame. The limelight effect was originally discovered in the 1820s by Sir Goldsworthy Gurney, a prototypical British gentleman scientist and inventor of the Victorian era. It was harnessed to revolutionise illumination in the theatres of London's Covent Garden, highlighting leading actors on the stage, thus leading to the phrase, 'in the limelight'.

Rolls-Royce Wraith looks rad in red [UPDATE]

UPDATE: An earlier version of this post called this car the "St. James Edition," which is incorrect. It's not a full-on special edition, rather a bespoke color. And an awesome one, at that. Of all the cars that would look right in red, and of all the colors you could specify for a new Rolls-Royce, ordering up a bright scarlet Wraith might not seem like the first choice to many. Fortunately there are plenty of other options available in the Rolls-Royce catalog. But for those who disagree, the British luxury automaker offers St. James Red, the bespoke color seen here. The color is offset by chrome brightwork on the grille, window frames, and door handles. The wheels are done up in a two-tone silver and gloss black, while the interior is swathed in what we're sure is only the softest, most supple black leather known to man. Of course, since it's a Wraith, there's power to match that racy exterior. This coupe is, after all, the most powerful vehicle Rolls-Royce has ever offered, packing a 6.6-liter twin-turbo V12 with 624 horsepower and 590 pound-feet of torque, propelling over 5,000 pounds of luxury to 60 in a scant 4.4 seconds. More than adequate, indeed. If there was ever a Rolls that could get away with the bright red approach, surely it's the Wraith.