After BMW Group by a clever coup on 28th July 1998 became future custodian of the Rolls-Royce motor car marque, they started "Project Rolls-Royce" by investing tremendously. For several years complete groups of employees commuted between BMW's headquarters in Munich, Germany, and the South of England. There a spot near Goodwood, West Sussex, had been acquired for a new factory to be erected. 3rd January 2003 marked the end of the "Starting Period" when as a result of four years of intense development the Rolls-Royce Phantom was launched. 

The model's designation didn't contain any risk as ever since the introduction of the "New Phantom" (later Phantom I) in 1925 there had existed a Phantom model series. The designation was correct, too, because as regards dimensions there wasn't too much of a gap between the new one and the "big" Rolls-Royce Phantom from a by-gone era. The wheelbase of 3,570 mm (140.55 in) was only marginally less than those 3,683 mm (145 in) of the Rolls-Royce Phantom VI, production of which had been discontinued during the early 90ies. Height of 1,632 mm (64.25 in) and width of 1,990 mm (78.35 in) were almost on a par with those of the legendary forerunner, that measured 1,750 mm (68.90 in) and 2,006 mm (78,98 in) respectively.