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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.

2022 Rolls-Royce Cullinan Review | Three things I learned driving a $429,400 SUV

TROY, Mich. — Rolls-Royce is the epitome of the vehicle as a luxury good. It has features that are expensive and luxurious rather than functional, and they create an image that separates a Rolls-Royce from almost everything else, save perhaps Bentley. I recently spent a few days in the 2022 Rolls-Royce Cullinan, the brandÂ’s first and only SUV. ItÂ’s a legit people-hauler. Good luck getting your retriever and her food in the Ferrari Purosangue, but the Cullinan borders on a #vanlife operation. HereÂ’s three things I learned after driving in the opulent $429,400 Cullinan.  Fear not, itÂ’s easy to drive The intimidation factor is not what I expected. The Cullinan is about as long as a Chevy Tahoe and four inches wider. It does not drive that way. The steering is light but direct and communicative. Factor in four-wheel steering, and itÂ’s like driving a much smaller car. The driverÂ’s seating position is excellent and provided a clear view of my surroundings. With the Spirit of Ecstasy hood ornament leading the way, it felt majestic. ThatÂ’s what Rolls is going for, but the setting also gave me confidence with both corners clearly visible. It doesnÂ’t matter how much a car costs if you feel like you know what youÂ’re doing. RollsÂ’ famous Magic Carpet Ride makes for perhaps the smoothest experience IÂ’ve had in any car or SUV. The suspension is always adjusting, and almost no bumps or potholes could bother me or my passengers. It really is next-level comfort. Given that the chassis is working with 22-inch wheels, itÂ’s all the more impressive. The V12 engine puts out 563 hp and 627 lb-ft of torque. Get on the throttle and it will move, but with decorum. Yes, thereÂ’s an aura IÂ’ve driven plenty of luxury cars that donÂ’t live up to the hype. The Cullinan is not one of them. My Rolls had the Shooting Star headliner, a $7,975 option that turns your vehicle into a rolling planetarium. ItÂ’s one of those features that sounds contrived until you experience it. The celestial sky is mesmerizing, and when your passengers see the shooting-star feature, get ready for the oohs and ahhs. Rolls first launched the headliner in 2006 as a custom option, but now itÂ’s on most of its vehicles. The stars are illuminated by fiber-optic cables and six powerful light cannons, according to Rolls-Royce, and thereÂ’s up to 1,600 hand-cut holes in the headliner. You can personalize the constellations.

Rolls-Royce to decide on SUV by year's end

The market for high-end luxury SUVs continues to climb, but Rolls-Royce is in no huge rush to jump on the leather-clad, high-riding bandwagon. The company has just announced a new sales record for the fifth year running, with over 4,000 units delivered in 2014. But it recognizes that SUVs are where the market is going, so it's going to carefully weigh its options, and make a decision on how to proceed by the end of 2015. This according to Rolls-Royce CEO Torsten Muller-Otvos in speaking with Auto Express. "There is not yet a final decision, because we still need to answer a couple of questions ourselves," said Muller-Otvos in regard to a potential SUV, admitting, "You need to move the brand from time to time, you need to go with the flow. We might even see in a few years that the classical sedan segments are shrinking due to the fact that SUV type vehicles are growing. So if you don't change your product portfolio to something that is up to date then at some point in time you might even die." If the storied Goodwood-based marque does proceed with an SUV, it would be following former sister-company Bentley into the segment. But they're not the only ones. Mercedes is said to be preparing a Maybach version of the next GL-Class, Jaguar Land Rover keeps making increasingly expensive and luxurious Range Rovers, and Maserati is preparing to launch its Levante crossover. The prospect of an SUV isn't the only project Rolls-Royce has in the works, though. It's got a convertible version of the Wraith coming soon, and sooner or later there will be a replacement for the thirteen-year-old Phantom saloon, potentially to include some carbon fiber in its construction to help trim weight. A hybrid powertrain could be in the mix as well, though customers have shunned the idea of a pure electric model. Just don't expect a Rolls-Royce more accessible than the Ghost: the company is glad to be growing its sales, but is not chasing any specific sales targets that would press it to cheapen the brand by going down-market.