Rolls-Royce says it will produce only electric cars by 2030

Rolls-Royce says it will produce only electric cars by 2030
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Rolls-Royce announced on Wednesday that it will only produce electric cars by 2030, Reuters reported.

The BMW-owned brand said its first fully electric-powered car will be on the market in the fourth quarter of 2023.

"With this new product we set out our credentials for the full electrification of our entire product portfolio by 2030,” Rolls-Royce CEO Torsten Muller-Otvos said in a statement. 

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"By then, Rolls-Royce will no longer be in the business of producing or selling any internal combustion engine products," Muller-Otvos said.

With the move, Rolls-Royce joins other premium car brands including Volkswagen's Bentley and Jaguar's Land Rover in switching to electric cars in the near future, Reuters reported.

BMW has not set an end date for producing vehicles that run on fossil fuels, but the car manufacturer has set a goal for 50 percent electric vehicle production by 2030, according to Reuters.

BMW subsidiary Mini announced in March that it will go all-electric by the end of the decade.