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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.

The Silver Spectre is a custom shooting brake based on the Rolls Wraith

The Rolls-Royce Wraith coupe undergoes a long-roof transformation in this custom by Niels Van Roij Design, and the result takes the name Silver Spectre Shooting Brake. It turns out the Wraith looks particularly fetching as a shooting brake, as these pictures attest. The Dutch-based automotive designer's firm previously built a Tesla Model S shooting brake for a wealthy Dutch collector and also built a spate of two-door Range Rovers, the Adventum Coupe, after the factory canceled the project. Aristocratic long-roofs seem to be their speciality. The Silver Spectre is custom-bodied from the A-pillars rearward. The roof is constructed from a single piece of carbon-fiber composite. The elongated custom side glass is accentuated with silver trim. The bustle-back liftgate is claimed to take its inspiration from "Anglian limousines of the 1950s and 1960s" and features inset glass. The sculpted forms are set off by the deeply metallic brown paint, which has nearly the level of metal flake used in bass boats. Inside, there are individual rear seats, and the available fiber-optic starlight headliner extends fully rearward. The leather-lined rear compartment is the perfect perch for the most pampered pooch — purebred Corgis, perhaps? Under the hood, the 6.6-liter V12 is massaged to deliver 700 horsepower (up from 624) and 664 pound-feet of torque (compared to 605). Each Silver Spectre will be individually kitted out with a unique exterior paint treatment (single color or two-tone), leather or silk upholstery, and a special custom interior element specific to that vehicle (such as a matching picnic hamper). If you like what you see, best get your order in soon, since only seven will be built. Related Video:

Rolls-Royce commissions a Faberge egg

What you see above, is probably the equivalent of the movie The Avengers, but for the ultra-filthy-rich. It's the ultimate crossover of luxury brands, Rolls-Royce, and the famed jewelry company Faberge. It's a special egg made by the jeweler that's themed around the luxury car builder. And naturally, it's an "Imperial Class" egg. This means it's similar in size, complexity and quality to the original 50 made for the Russian royal family, the very ones that helped make Faberge so famous. It's also only the second to be commissioned, since. The other was commissioned by a Middle Eastern jewelry group. The egg is quite modern and simple in design. It stands about 6 inches tall, and it weighs nearly a pound. A rock crystal Spirit of Ecstasy sits in the middle, surrounded by arcing arms. Each arm is made of rose gold with 390 carats of amethyst and 10 carats of white diamonds. The whole egg sits on a machine-turned white gold base with a purple enamel coat. Like many Faberge eggs, this has mechanical workings. Pressing a lever causes the many arms to descend, making the Spirit of Ecstasy visible. The egg will be on display at Faberge's London store this December for the public to see. After that, Rolls-Royce says it will be heading for the home of a private collector of both Rolls-Royce and Faberge creations. Related Video: Featured Gallery Rolls-Royce Faberge Egg News Source: Rolls-Royce, The Daily Mail Design/Style Rolls-Royce Luxury