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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 confirms Wraith convertible for 2015

Until a few years ago, the Rolls-Royce product portfolio revolved around one model line, and that was the Phantom. But with the launch of the Ghost in 2010, the Goodwood-based automaker is expanding further. As with the Phantom line, a long-wheelbase Ghost ensued, followed by a coupe in the form of the Wraith. And now, as might have been expected, Rolls-Royce has reportedly confirmed development of a new convertible based on the same platform.
The new cabrio will be based closely on the Wraith, only with a convertible roof. Expect the same 6.6-liter twin-turbo V12 that powers the Wraith to carry over with the same 624-horsepower output - the highest of any production Rolls-Royce - but with a bit more weight to push, the convertible ought to be a bit more sluggish off the line than the Wraith's 4.4-second 0-60 time.
We can also expect a higher sticker price, but closer to the Wraith's $320,000 MSRP than the Phantom Drophead Coupe's $470k. Whether Rolls opts to call it the Wraith DHC or use another nameplate entirely remains to be seen, but Autocar reports that the new Rolls cabrio won't arrive until 2015, so we've got a little while to go.

Rolls-Royce reveals Ghawwass edition Phantom Coupe

This is the Rolls-Royce Phantom Coupe Ghawwass Bespoke Edition, the latest car to join the long and distinguished line of Rolls-Royce limited editions that have arrived over the years. With that in mind, we'll allow you one guess as to what market this limited edition is destined for.
If you said the Middle East, which is almost always the answer when talking about ultra-limited, special editions of the world's finest luxury and sports cars, then give yourself a pat on the back. As for that name, "Ghawwass" is the Arabic word for diver, and attaching it to the Phantom Coupe is meant to celebrate "the traditional method of collecting pearls from the Bahrain pearl banks," according to Rolls-Royce's Facebook page, where these pictures were posted.
Considering its nautical namesake, the color scheme of the Phantom Ghawwass makes a lot of sense, with a Turchese Blue exterior and a tan and Turchese interior that brings to mind bright blue water and sand. The veneers are pearl - although we can't see them in this photoset - befitting the car's inspiration, while a Dhow, a traditional Arabic sailboat, can be found in the coachline and stitched into the headrests.