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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.

Rolls-Royce debuts Phantom Drophead Coupe Waterspeed Collection

For the next act in its Bespoke Collection, Rolls-Royce has found one of its own to celebrate with the Phantom Drophead Coupé Waterspeed Collection, noting the achievements of British land and water record-holder Sir Malcolm Campbell. Like a few other racers of his era in the 1920s and 1930s, Campbell used his Bluebird Motor Company and Bluebird Garage to fund his interest in motorsports. He would break the waterspeed record in 1937 in his Bluebird K3 powered by a Rolls-Royce R engine, traveling 126.33 miles per hour on Italy's Lake Maggiore.
We've seen sketches of what Rolls-Royce intended with the Waterspeed Collection, and the real thing is just as handsome, and the new model includes a number of firsts for the marque. The Maggiore Blue exterior paint is also used for highlights on the engine, the polished wheels, two-tone steering wheel and the dashboard. The tonneau cover normally finished in teak is instead done in hand-finished brushed steel, a closer contrast to the Windchill Grey interior. The Abachi wood veneers have also been bookmatched so that their grain evokes the wake of a speeding boat.
The droptop will be shown first at the Bluebird Garage Cafe in London on the site of the original garage, after which it will get its first wider showing at the Concorso D'Eleganza at Villa D'Este later this month. The press release below has a lot more detail on the finer detailing of the Drophead Coupe Waterspeed, and the images above are worth at least 8,000 words.