Bentley Motors will spend 2.5 billion pounds (about $3.4 billion) over the next decade to become a fully electric luxury brand by 2030, CNBC reports.
The 102-year-old carmaker said the investment will include research and development and upgrades to its historic plant manufacturing campus in Crewe, England through 2032.
The Crewe Campus is Bentley’s sole assembly facility globally.
Volkswagen-owned Bentley had announced its electrification target in 2020 as a major part of its “Beyond100” business transformation plan.
Beyond100 also includes Bentley becoming end-to-end carbon neutral by 2030.
Bentley’s first electric vehicle is scheduled to roll off the production line in 2025, CNBC reports.
CNBC says Bentley will leverage plug-in hybrid electric vehicles in its transition to being all electric.
The company plans to exclusively offer electrified models, including all-electric and plug-in hybrids, beginning in 2026.