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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 Spectre EV spy photos show us the interior

Rolls-Royce has been testing its upcoming Spectre electric luxury coupe for a while now, and it's been wearing a camouflage wrap covered in marketing phrases. In both traditional spy photos and in manufacturer-provided ones, we've had a decent preview of the car. Now we finally get a look inside thanks to one of our spy photographers.  While some automakers have taken the opportunity to try bold new interior designs with their electric cars, Rolls-Royce seems to be staying the.course with the Spectre. The design is very traditional, with a tall, wide dashboard that doesn't stick out far from the windshield. The vents and controls look just like the ones in the current Phantom sedan. The steering wheel is very similar, but the upper spokes are now closer to 9 and 3. Perhaps Rolls-Royce designers felt it looked a little sportier. It does still have a column shifter, even as an electric car. The instrument cluster appears to be fully digital, though, which is one of the few less traditional aspects of the cabin. The Spectre will be built on the current Rolls-Royce architecture, which underpins all of the brand's models. It features loads of aluminum and will be the most aerodynamic Rolls-Royce yet with a coefficient of drag of 0.25. But specs such as power and range remain a secret. We should know more as we approach the car's launch date of late 2023. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Recharge Wrap-up: Smart metals, OTA updates, Rolls-Royce LNG ship

"Smart" metals could help engines reduce emissions and invigorate US business. Metallurgist and University of Wisconsin – Milwaukee professor Pradeep Rohatgi combines known metal alloys with materials like ceramics, nanoparticles, and recycled waste to produce strong, lightweight composites with self-lubricating properties that help internal combustion engines run more efficiently. Rohatgi hopes his startup, Intelligent Composites, and its products can help US foundries compete with production outsourced overseas. See the video above, and read more at Phys.org. Almost 203 million cars will be capable of over-the-air (OTA) updates by 2022, according to ABI research. While Tesla has the OTA firmware updates nailed down, other automakers will focus on software update capability. This will take the place of dealer-installed updates and - like Chrysler did after the Jeep hacking incident - updates sent to owners via USB drives. OTA updates will enhance vehicle security and reduce recall rates. Read more at Green Car Congress. European bus manufacturers have agreed upon a standardized charging interface for their electric buses. Irizar, Solaris, VDL and Volvo will use pantograph charging for "opportunity charging" and CCS plugs as the base for overnight charging and network communication. The manufacturers hope other bus makers and charging providers to join them in cooperation over standardized charging. Read more at Green Car Congress. The second Audi Autonomous Driving Cup will take place from March 22 to 24, 2016 at the automaker's Museum Mobile in Ingolstadt, Germany. The competition involves eight university teams implementing basic Audi software in 1:8 scale electric Audi Q5 models, and putting them through the paces of simulated real-world driving situations. The teams develop software architecture to use the suite of sensor to have the cars drive, park, maneuver in traffic and perform emergency braking autonomously. Teams also perform a freestyle event where they put the car through an additional task of their choosing. The winning team gets ˆ10,000, with smaller prizes for second and third place. The competition also gives the students the opportunity to showcase their skills in front of a potential employer. Read more at Green Car Congress. Rolls-Royce will provide the Liquefied Natural Gas (LNG) propulsion for an NSK cargo ship carrying fish food. The ship will deliver 2,700 metric tons of fish food to fish farms along the Norwegian coast.