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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 celebrates decade of decadence

Ten years ago, Rolls-Royce opened its Goodwood manufacturing facility and handed over the keys to the very first Phantom. Back then, parent company BMW was cranking out Phantom sedans at the blistering pace of one unit per day. By the end of 2003, that number had tripled, and today, the Goodwood plant builds a total of 20 Phantoms in sedan, coupe, drophead and extended-wheelbase models during a single day's working hours. Originally, there were fewer than 400 workers on staff responsible for hand-building the big cruisers, but now the plant boasts over 1,400 craftsmen, with 100 of those positions added in 2012 alone.
Rolls-Royce boasts one of the lowest staff turnover rates of any brand in the industry, thanks in part to a successful apprenticeship and internship program, and the company notes 80 percent of its workers live within 15 miles of the facility. You can read the full press release on the 10th anniversary of both the Phantom and the Goodwood plant below.

Rolls-Royce Dawn dons Aero Cowling for the Geneva Motor Show

Rolls-Royce will not be bringing the Cullinan SUV to the Geneva Motor Show, but it is instead displaying four special takes on its existing portfolio. The most striking of these is the Rolls-Royce Dawn Aero Cowling. The titular leather-lined cowling made of carbon fiber and aluminum covers the Dawn's rear seats, effectively giving it the appearance of a two-seater, and is fitted with storage compartments. Rolls-Royce claims it is very light, but then the 570-horsepower V12 convertible weighs more than 5,600 pounds, so even a heavier decking setup would really only strain the person lifting it. In addition to the Dawn, Rolls-Royce has brought three custom Phantoms. The most restrained one is called "The Gentleman's Tourer," which features a two-tone grey and silver bodywork and a dark interior. The concept harkens back to 1930s Continental Saloons. The second one, a long-wheelbase Phantom, is called "The Whispered Muse," and it has the Dashboard Gallery option, featuring a silk motif. Rose Gold appears throughout the vehicle, including the Spirit of Ecstasy hood ornament — the first one finished in Rose Gold. The last Phantom, also a long wheelbase, is called "A Moment in Time," and its blue paint is a newly created hue. The three cars show off the customization capabilities of Rolls-Royce's bespoke division, and reportedly almost every customer will special-order their Rolls-Royce. Related Video: Featured Gallery Rolls-Royce Dawn Aero Cowling: Geneva 2018 View 14 Photos Related Gallery Rolls-Royce Geneva 2018 View 10 Photos Image Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Geneva Motor Show Rolls-Royce Convertible Luxury rolls-royce phantom 2018 Geneva Motor Show rolls-royce dawn