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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 Drophead Coupe Waterspeed Collection is a real land yacht

There aren't very many better places to show the Rolls-Royce Phantom Drophead Coupé Waterspeed Collection than at the Pebble Beach Concours d'Elegance. Not only is this aquatic-themed land yacht parked on the Concept Car Lawn appropriately very near the Pacific Ocean, it's being seen by some of the most wealthy car enthusiasts in the world on one afternoon.
The car actually debuted in May in Europe, but Rolls-Royce decided to show it again to West Coast customers. This luxury droptop is dedicated to former British waterspeed record-holder Sir Malcolm Campbell, hence the name. Campbell used a boat powered by a Rolls-Royce R engine to reach 126.33 miles per hour in 1937 on a lake in Italy and break the old milestone. Later, he took the same craft to 129.5 mph to further establish his dominance.
The Phantom Waterspeed takes inspiration from these accomplishments with a two-tone look that mixes shining Maggiore Blue exterior paint and a brushed steel tonneau cover to replace the normal teak. The blue color scheme even extends to the engine and interior trim in combination with contrasting Windchill Grey leather. Rolls isn't building many of these marine-inspired leviathans; check one out on the lawn at Pebble Beach in our gallery.

2022 Rolls-Royce Ghost Black Badge | Ecstasy in the shadows

Every now and again, something hits my driveway that absolutely stumps me. It can be tricky enough to come up with something to write about the fifth Hyundai Sonata or third Jeep Wrangler I’ve driven in the space of 18 months, but something like the 2022 Rolls-Royce Ghost Black Badge presents a very different conundrum: What can I possibly say to the person who has a half million dollars to spend on their next ride? I rounded up there but not by much. Before tax, tags and your driverÂ’s salary, this Ghost checks in at $484,950. Of that, $43,850 goes to Black Badge, which, when boiled down to its purest essence, is an enthusiastÂ’s equipment package with some rather dramatic aesthetic components. Rolls-RoyceÂ’s reputation is that of a builder of cars meant to be driven in rather than driven, but Ghost is the de facto “driverÂ’s” four-door in the lineup, and Black Badge is as close to an antidote to that cliche as youÂ’ll find in the company's portfolio. While it is a performance model, Black Badge doesn't completely blow the doors off the Ghost's already-impressive baseline performance. It benefits from an additional 29 horsepower and 57 pound-feet of torque (for a total of 583 hp and 663 lb-ft, respectively) and retuned air springs that “alleviate body roll under more assertive cornering.” The brakes were also tweaked for more immediate response and shorter pedal travel, but the clamps themselves are identical to a standard GhostÂ’s. Put another way, Black Badge is a performance package that happens to cost more than some performance cars. Welcome to tier 0 of car ownership. ThatÂ’s a hollow greeting, of course. Rolls-Royce sold a grand total of 5,586 (ahem) motor cars in 2021, and not one of them is among my permanent collection. YouÂ’re shocked, I know. Statistically, weÂ’re quite likely to be in the same boat. IÂ’m living vicariously through the Rolls-Royce marketing budget and youÂ’re living vicariously through me. Too bad. IÂ’m pretty boring. So boring that the best outing I could come up with was a jaunt to a lake cottage just 30 miles or so north of Detroit proper. Given this carÂ’s price point, youÂ’d be forgiven for insisting that the Ghost had better be able to do just about anything one might expect from modern four-wheeled transportation, but realistically, the person who can afford to be chauffeured in a Black Badge can likely call on other forms of transit should the weather take a turn for the worse.