Word: bmw
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Dates: during 2000-2009
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...sometimes," says Vasella, "and I say, 'You know, I like you better than Jesus.'" Vasella swims two or three times a week and likes to target shoot on the rare occasion when he can make it to the range. He enjoys walking his Rottweiler and bullterrier and riding his BMW and Harley-Davidson motorcycles over the hilly terrain around Zug. Vacations are precious--a chance to spend time with his wife, his 18-year-old daughter and his 14- and 10-year-old sons...
...first Rolls-Royce, BMW opted to resurrect the Phantom - a big saloon limousine that all but begs to be chauffeur-driven. That means targeting the very rich, whose legions around the world are growing fast. Rolls-Royce now wants to increase its market share while still remaining at the price pinnacle. It's introducing in 2008 a hardtop coupe version of the Phantom and launching a smaller, as-yet-unnamed saloon...
...much - largely because of the newly introduced, extended-wheelbase Phantom that has a base price of $403,000, or $63,000 more than the standard version. Garel Rhys, emeritus professor of automotive economics at Cardiff Business School, applauds the company's performance since its acquisition by BMW: "You couldn't expect much better." And the company's future looks shinier than a well-buffed fender. In July, it rolled out the Drophead Coupe, a two-door convertible Phantom with a starting price of $407,000. Overall, Robertson predicts, the company should enjoy double-digit sales growth this year...
When Rolls - which also manufactured aircraft engines - went into receivership in 1971, the auto and aerospace units became separate companies. After a variety of owners, BMW took over and now builds the cars at a plant in Sussex. A low-rise, energy-efficient facility, it currently operates one line and one shift that turn out four to five handbuilt cars a day. The 550 employees include craftsmen - skilled cabinet and saddle makers, for example. Most Rolls sold are bespoke; on average customers pay an extra $20,000 to have a car customized. The company is adding a second line next...
Notwithstanding the richness associated with Rolls-Royce and the costs involved in making each one, the unit is not a big expense for BMW, which has annual sales of $65 billion. BMW won't say how much it's invested in the company since 1998, though Rhys conservatively estimates it could be around $1.2 billion. BMW will certainly be happy to see Rolls generating profits, but they won't much affect the bottom line. But owning Rolls-Royce gives BMW some intangible benefits: prestige and bragging rights. It proves it can sell cars that sweep the breadth of the market...