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02/12/2015 10:28 EST | Updated 04/14/2015 05:59 EDT

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LONDON - Luxury carmaker Rolls-Royce says it will jump into the highly competitive SUV market by offering a completely new all-terrain vehicle.

Chief Executive Officer Torsten Muller-Otvos said Wednesday the announcement marks a "seminal moment in Rolls-Royce's 111-year journey."