Bentley Motors will spend 2.5 billion pounds ($3.4 billion) in the next ten years to be a global leader. fully electric luxury brandAccording to Wednesday’s announcement, the 102 year-old automaker will be making its next car by 2030.

According to the company, this investment will cover research and development as well as significant improvements to Bentley’s historical plant manufacturing campus at Crewe, England, through 2032. Bentley’s only assembly plant worldwide is the Crewe Campus.

Bentley is owned by the German automaker VolkswagenIt announced the 2020 electrification goal as a key part of “Beyond100”, a business transformation plan which also includes becoming carbon neutral at all levels by 2030. The investment amount is not disclosed for the first time.

The company claims that the first Bentley electric vehicle will roll off production in 2025.

Beyond100 represents the most bold plan Bentley has ever had in its illustrious past, as well as in luxury. “It’s an ambitious, credible roadmap for carbon neutrality in our entire business system, with the shift to 100% EEV in only eight years,” said Chairman and CEO of Bentley Adrian Hallmark in a press release.

This is an important move by the automaker that is most well-known for making luxurious vehicles with 12- and eight-cylinder engines. that can cost millions of dollars. This follows other automakers who have stated that they will move from traditional internal combustion engines to electrical powertrains.

Bentley is not like other major automakers and will instead rely on plug-in hybrid electric cars in the move to all electric. In 2026, the company will be offering only electrified models including plug-in and all-electric hybrids. Bentley offers the Bentayga’s plug-in hybrid model for $160,000. This includes both an engine and EV components.

Bentley’s second consecutive year of plans follows. year of record sales.The company reported sales of 14,659 vehicles in 2018, a 31% rise over its previous record sales record, which was 11,206 cars and SUVs. This record sale occurred in a time when much of the automotive industry was struggling with its supply chain. The main reason for the record sales was the persistent shortage of semiconductor chip.