Rolls-Royce Motor Cars has just revealed the first design sketches of its next new model. Known as RR4, the car is due to be launched in 2010 and will sit alongside the Phantom model line-up. RR4 will be smaller than Phantom and powered by a new engine, unique to Rolls-Royce.

Rolls-Royce’s plans to build RR4 have been public knowledge since the Paris motor show in 2006, the design was signed off in 2007 and engineering development is now fully underway.

The Goodwood manufacturing facilities are being completely reconfigured to accommodate the RR4, with extended paint, wood and leather shops as well as a second assembly line. Unlike the Phantom, which has its own extruded aluminium monocoque skeleton, RR4 will have a steel body structure shared, in many respects, with the new BMW 7-series. Various chassis, cabin, drivetrain and electrics components will also be shared with the new Seven, but according to one RR source, they’ll be confined wherever possible to those components the owner can’t see.

The new car will be priced in the $250,000-$280,000 range, considerably below the Phantom’s $340,000-430,000 asking price. This more affordable Rolls-Royce model is expected to increase the hallowed British brand’s sales by three to four times from 2010.

Further design and engineering details will be announced during the course of 2009.