On Tuesday January 18th BMW announced it will cease building V-12 engines, for BMWs, in June this year. Rolls-Royce also uses BMW V-12s, and production of those engines will continue.
BMW have offered a V12 since 1987 and the E32, and there will be a special 'Final V12' version of the 7-Series M760i xDrive, which will be offered with first refusal to customers who have previously bought new V12 7-series cars. There will be very, very few options on this car - it will simply come with everything as standard. You can choose paint colour, leather options, and whether you'd like grey or black wheels...
The engine is the same as that in the current M760i xDrive: 6.6-litre twin-turbo V12, 600 hp and 627 lb-ft of torque. The M70B50 in the 1987 E32 7-series produced about half of that.
As the V12 will be gone, the most powerful new 7-series is likely to be the i7.
Mercedes-Benz are likely to offer an ICE V12 until 2030 when they go fully electric; Audi has already dropped the W12, and the rest of the VAG group is likely to do the same by the end of 2026.