Where the hell is the Motorola Nexus?

I want a Motorola Nexus. I simply do not understand how Google can own the company and won't release it's own version of the Nexus? I am not sure about the rest of you but I would think that Moto should be the company to come out with the phone to be directly compared with the Iphone.

I understand that Google lets other companies in on it's Nexus program and that's cool but when it comes to flagship Android phones a Moto Nexus should be the phone to beat. When people talk about the best made and most amazing phones they should say Iphone and Moto Blah.

I'm talking about premium build quality, akin to that of the iphone, next generation specs and features and design that will have the rest of the world ( including apple ) playing catchup. I love motorola, I always have and I was super excited when Google bought them but I have yet to see anything really amazing come out of Moto yet. :(