Luxury brand Jaguar Jaguar Land Rover (JLR) will ditch internal combustion engines in favor of electric motors until 2025, said CEO Thierry Ballor. JLR, owned by India's Tata Motors, will release six pure electric models over the next five years, with the first launching in 2024.
Jaguar is facing the same challenge as many other automakers - moving to electric cars needs to keep the user feeling the power of an internal combustion engine.
JLR will not close its factories due to the move to electric vehicles.
Tata Motors shares rose 3% after the announcement.
JLR said it will spend approximately £ 2.5 billion ($ 3.5 billion) annually on electrification technologies and the development of connected transport services.
Jaguar also intends to increase investment in hydrogen fuel cell development in anticipation of a future switch to hydrogen for vehicles.
As part of a long-term investment plan, the automaker will unveil prototypes using hydrogen fuel cells on UK roads over the next year.
The luxury car brand Bentley Motors, owned by German Volkswagen, said in November that its lineup would be all-electric by 2030, and last month General Motors Co said it plans to have a zero-emission lineup by 2035.
A number of countries have already announced a ban on the sale of new vehicles running on fossil fuels. In the United Kingdom, this ban is due to take effect in 2030.