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NEW YORK (CNN/Money) -
BMW, parent company of Rolls-Royce, is planning to release a smaller, less expensive Rolls than the company's current Phantom sedan, according to a report on Edmunds.com's Inside Line Website.
The sticker price of the Phantom, which is currently RollsRoyce's only car, starts at about $340,000.
The new car would sell for about $300,000, according to the report, which quoted from an interview with BMW development chief Burkhard Goeschel. The interview was published in the German newspaper Welt am Sonntag.
The Rolls-Royce Phantom, introduced in 2003, has failed to meet expected sales volumes, according to the report.
The most successful segment of the ultra-luxury car market has been vehicles priced over $150,000 but less than $300,000, according to Inside Line. Bentley, Rolls-Royce's former sister-company and now a subsidiary of Volkswagen, has seen success in that arena with its Bentley Continental GT costing about $156,000.
Plans for the car are still preliminary and it is not expected to be released until about 2010, according to the report.
Edmunds.com is a partner in CNN.com's automotive Websites.
Cars mentioned in this story:
Rolls-Royce Phantom
Bentley Continental GT
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