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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.

Buyers flipping a Rolls-Royce Spectre won't be tolerated, company says

The act of flipping cars — that is, buying a limited or highly desirable model and then reselling it for big profit — wonÂ’t go unnoticed, or be tolerated, by Rolls-Royce. Specifically referring to the new Rolls Spectre — the first electric car from the brand — Rolls-Royce CEO Torsten Muller-Otvos told Car Dealer that any customer who sells or try to sell one will be blacklisted for life if he attempts to buy another from a dealer. Speaking at the launch of the new car in California, he said: ‘I can tell you we are really sanitizing the need to prove who you are, what you want to do with the car – you need to qualify for a car and then you might get a slot for an order.” But those who violate the policy and resell the vehicle at a higher price are “going immediately on a blacklist and this is it – you will never ever have the chance to acquire again.Â’ The super-luxe Spectre is to open its order books soon with deliveries to start in the autumn. Base price in the UK is about $425,000. The response from some dealers in Britain, who say the inflated price resales are legal, was resentment at Rolls. London dealer Tom Hartle, known for selling secondhand Rolls-Royce models, said that he has already agreed to collect GBP50,000 ($65,000) premiums for two Spectres. He said he will have a Spectre for sale at his used-car dealership "within two weeks of it being launched.” ”I do not think it is fair for carmakers to tell customers who have spent close to half a million pounds on a car what they can do with it,” he told Car Dealer. Last year, General Motors said it would ban flippers "from placing future sold orders or reservations if the vehicle is resold within the first 12 months of ownership." Those high-demand products were the Corvette Z06, the Cadillac Escalade-V, and the GMC Hummer EV. And years ago, Ford famously sued wrestler and actor John Cena, who flipped a Ford GT in violation of his purchase contract. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. At Rolls, the company maintains that it has paid close attention to SpectreÂ’s specifics while in development. "To do this, “ Muller-Otvos said, “we have conceived the most demanding testing program in Rolls-RoyceÂ’s history. We will cover 2.5 million kilometers – a simulation of more than 400 years of use for a Rolls-Royce, on average – and we will travel to all four corners of the world to push this new motor car to the limit,"

Rolls-Royce predicts it will set a delicious production record in 2020

Rolls-Royce suspended production at its Goodwood, England, factory in March 2020 in response to the coronavirus pandemic, but there's at least one part of its business that's not affected by the temporary shutdown. The 250,000 bees that live and work near its factory are on track to set another production record in 2020. The BeeMW-owned (sorry) firm opened its Bee Apiary in 2017. It currently consists of six hives named Phantom, Wraith, Ghost, Dawn, Cullinan, and Spirit of Ecstasy, respectively. Rolls-Royce announced the quarter-million bees that buzz around its premises emerged from winter in excellent health, and they're expected to make even more honey in 2020 than in 2019 (though Rolls-Royce didn't specify a quantity). Clearly, social distancing and work-from-home orders don't apply here. Rolls-Royce works with local beekeepers to process the honey when it's ready, but don't look for it in the breakfast aisle the next time you're out buying groceries. It's exclusively served to the company's guests, like the customers who travel to Goodwood to configure or take delivery of a car. Put another way, a taste of Rolls-Royce-branded honey will cost you at least $300,000 and a round-trip ticket to the British countryside. Surprisingly, the rivalry between Rolls-Royce and Bentley continues in the world of beekeeping. In 2019, Bentley built two giant hives for 120,000 bees near its headquarters in Crewe, England. It predicted they'd make about 33 pounds of honey annually, which amounts to about 50 jars. Ford keeps tens of thousands of bees, too; it's caring for at least 80,000 bees near the Rouge factory that currently manufactures the F-150. Bees are an often-overlooked part of the ecosystem. Plants depend on pollination to reproduce, and bees are nature's main pollinators; we'd ultimately have less food if bees were eradicated from the planet. They're endangered in many parts of the world, which is why some automakers are choosing to give them a home.  Related Video: Featured Gallery Rolls-Royce Bee Apiary Green Weird Car News Rolls-Royce