Word: bmw
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...recent years - the rise of the euro has been less catastrophic, though only in relative terms. Whereas Germany has watched the plummeting dollar eat at its healthy trade surplus, France blames that slide for worsening its growing trade deficit. The consequences have been similar in both countries: as BMW warned that the 5,600 jobs it was eliminating as part of a cost-cutting plan would increase if the euro surged substantially beyond $1.50, plane maker Dassault said it might have to follow the example of other heavy manufacturers in Europe by shifting production to dollar-dominated markets to save...
...much--largely because of the newly introduced extended-wheelbase Phantom, which 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 in Wales, applauds the company's performance since its acquisition by BMW: "You couldn't expect much better." In July, it rolled out the Drophead Coupe, a two-door convertible Phantom starting at $407,000. Overall, Robertson predicts, the firm should enjoy double-digit sales growth this year...
When Rolls--which also made aircraft engines--went bust in 1971, the auto and aerospace units became separate companies. After a variety of owners, BMW took over. It now builds the cars at a plant in Sussex, England, operating one line and one shift that turns out four or five hand-built cars a day. The 550 employees include craftsmen--skilled cabinet- and saddlemakers, for example. Most Rolls are made to order; on average, customers pay $20,000 to have their car customized. The company is adding a second line next year and a second shift in 2009 to handle...
...first Rolls, BMW opted to resurrect the Phantom--a big sedan limousine that all but begs to be chauffeur-driven. That meant targeting the very rich, whose legions are growing fast. Rolls wants to increase its market share while still remaining at the price pinnacle. Next year it's introducing a hardtop coupe version of the Phantom and launching a smaller, as-yet-unnamed sedan...
...BMW will certainly be happy to see Rolls generating profits, given the $1.2 billion Rhys estimates it put into the company. Rolls won't budge Beemer's bottom line, given the parent company's $65 billion in sales. But owning Rolls-Royce gives BMW prestige and bragging rights. It proves it can sell cars that sweep the breadth of the market, from budget to budget-busting. Should the world's economy sputter and car sales drop off a cliff, "Rolls-Royce would probably be the first thing to go," Rhys says. But for now, like that iconic spirit of ecstasy...