Rolls-Royce is a British luxury vehicle manufacturer that was founded by Charles Rolls and Henry Royce in 1904 in Manchester. During WW1, the company manufactured engines for aircraft. Jet engine development began in 1940 for civil aircraft and defence. The company became government owned in 1971 and then privatised and public owned in 1987 when it then became Rolls-Royce PLC. The automobile division of the business became Rolls-Royce Motor Cars Limited in 1998. The Volkswagen group purchased the company in 1998 and produced vehicles until 2003 when the BMW AG group took over the company and began producing Rolls-Royce branded vehicles. BMW own Rolls-Royce to the present day. The company is currently working on a model named Spectre which is fully electric.