00:00Joining us now is the CEO, Chris Brownridge.
00:03So Chris, this is pretty exciting.
00:04I got a sneak preview, I will say, of what it looks like just on someone's laptop.
00:11But it is a massive vehicle and it has a massive price tag to match.
00:16Of course, Project Nightingale is the first of our commission collection motorcars.
00:22And what that means is it's a motorcar where our clients have had an extraordinary behind-the-scenes experience,
00:28but also the motorcar they get is extravagant, extraordinary, and will be extremely rare.
00:34So it's a very, very special project for Rolls-Royce motorcars.
00:37Matt, in the latter part of that, mentioned the price tag.
00:40What is the value of one of these things?
00:42Well, we never talk about money. It's rude.
00:45But just to give you an indication, if you were looking at it,
00:50it sits somewhere between our one-of-one coach-built motorcars and our very complex private commissions.
00:55I mean, I've got to say, probably fair to say this is the most expensive EV ever, right?
00:59At least is that the ballpark we're talking about?
01:02I wouldn't want to comment any further on that right now.
01:05We're talking about $3 to $5 million, probably, I would guess, closer to the higher end of that range.
01:09Hannah Elliott wrote a fantastic piece on it.
01:13And she shows in her story the Rolls-Royce 17EX, which inspired the shape of the new car.
01:19So, so cool.
01:21Who's buying these things? Can you give us any names?
01:24Well, the wonderful thing is that the client base for this motorcar were involved in the project two years ago.
01:30So they've been on the inner circle.
01:32And the great news is this is the first time that Rolls-Royce motorcars will deliver a coach-built motorcar
01:38into the United States.
01:39In fact, about a third of the allocation of motorcars that we'll build will come to this country.
01:44Is this, I mean, are you moving away from being a carmaker and turning into, you know, a luxury experience
01:54provider or a marketer of exclusivity?
01:57I mean, it seems like it's customization built on a fixed chassis.
02:00Well, Rolls-Royce is perfectly placed today to really take advantage of the shifting trend in luxury where it's all
02:07about the experience as well as what is actually created.
02:10And so every Rolls-Royce that we build today is for a client because they've requested it.
02:14And coach-built allows us to show our potential clients the possibilities of their Rolls-Royce.
02:20So coach-built collection is a very important project for us.
02:23And it's a permanent part of our product offer now.
02:25What does the geographical spread of clients for this car look like?
02:29It is literally all over the world.
02:31And that's the wonderful thing.
02:32So these are motorcars that will be seen.
02:34We have clients in Asia.
02:35We have clients in Europe.
02:36We have clients in America.
02:37So, of course, Project Nightingale will be seen and they will be driven.
02:41Many of the clients who I know are looking forward to taking delivery of their motorcar have told me that
02:46they will use it every day.
02:47What are you learning at Rolls-Royce that you can pass on to Oliver Tipsa and your parent company, BMW?
02:53I was down in your private office, for example, and I saw the level of customization that's possible, the sort
03:00of understated luxury of the place.
03:03The elegance of it really blew me away.
03:05But it strikes me that you're not just a halo brand for BMW, but you also are kind of a
03:09luxury laboratory for them.
03:11Rolls-Royce is a true house of luxury.
03:14Everything we produce is because the clients asked us to produce it.
03:17But what we've seen in the last few years is a clear growth in demand for more complex commissions.
03:23Since we've opened the private office here in New York, the level of demand for those commissions has increased dramatically.
03:29And we're seeing that at all parts of the world.
03:31How does Middle Eastern deliveries look?
03:34We know Ferrari pulled back amidst a war.
03:36How are you catering to clients in that region that are dealing with a war on their doorstep?
03:41Well, of course, the Middle East situation is one that we're watching very, very closely.
03:44It's an important region for us.
03:46And our thoughts are very much with the people that are affected by the situation right now.
03:51However, demand for Rolls-Royce globally is still very, very strong.
03:55So, of course, it's too early to say what sort of impact that may have.
03:57I don't think anyone knows at this stage.
03:59But you're still able – you're able to sell $105 million cars, let's just say.
04:06I'll pick a number.
04:08So, Ferrari can do this as well.
04:10Now, you see Pagani and Koenigsegg doing this.
04:14I mean, is this an unprecedented time where people – where the amount of people that are so wealthy to
04:20buy this many products at that level exist?
04:24It's clear that the ultra-high net worth audience is continuing to grow.
04:29But their tastes for luxury are very much shifting away from just having objects to having experiences or creating objects
04:36which are meaningful or personally resonant.
04:38And that really plays to Rolls-Royce's strengths.
04:41Everything we create is because a client has asked us to do it.
04:44And Project Nightingale is a great example of that where not just the motor car itself but the client journey
04:50is something which is truly remarkable.
04:51Remember, these clients have been in the inner circle for two years and they'll be part of the testing process
04:56for the motor car as well.
04:57So, their experience is something that quite literally money can't buy.
05:01This is about a relationship that we have with our clients.
05:04One of the experiences I would love to have and will hopefully someday soon is a tour of your factory
05:09at Goodwood.
05:09This is the estate of the Duke of Richmond where the Festival of Speed happens and where you have your
05:17factory which normally puts out your production cars.
05:21But now you've invested some massive sum, I think, 300 million pounds to enable this luxury process.
05:29What was involved in that?
05:30Well, it's very clear that demand for more complex commissions is increasing and it's increasing rapidly.
05:36That's a core part of the Rolls-Royce luxury model.
05:38And so, we've extended the facility in Goodwood so that we've got space for those commissions.
05:43It also increases our capacity for more complex paint finishes on motor cars and also these coach build projects too.
05:52The whole principle of Rolls-Royce is about scarcity.
05:54So, we extend our factory so that we can create more value for each motor car rather than creating more
06:00volume of motor cars.
06:02So, by the way, do you share your margins?
06:05What are your margins and how have they grown?
06:07We don't talk about specific details.
06:10But what I can tell you is we make a very meaningful contribution to our shareholder BMW group.
Comments