Bentley Motors plans to spend 2.5 billion kilos (about $3.4 billion) over the subsequent decade to turn out to be a totally electrical luxurious model by 2030, the 102-year-old carmaker mentioned Wednesday.

The funding will embrace analysis and improvement and vital upgrades to Bentley’s historic plant manufacturing campus in Crewe, England by means of 2032, the corporate mentioned. The Crewe Campus is Bentley’s sole meeting facility globally.

Bentley, which is owned by German automaker Volkswagen, introduced its electrification goal in 2020 as a significant a part of its “Beyond100” enterprise transformation plan that additionally contains the corporate turning into end-to-end carbon impartial by 2030. That is the primary time it is disclosed the funding quantity.

Bentley’s first electrical automobile is scheduled to roll off the manufacturing line in 2025, in accordance with the corporate.

“Beyond100 is the boldest plan in Bentley’s illustrious historical past, and within the luxurious phase. It is an bold and credible roadmap to carbon neutrality of our whole enterprise system, together with the shift to 100% BEV in simply eight years,” Bentley CEO and Chairman Adrian Hallmark mentioned in a launch.

The change is a significant transfer for the automaker, which is greatest identified for its uber-luxurious autos with eight- and 12-cylinder engines that may value tens of millions of {dollars}. It follows a number of different automakers saying they plan to maneuver away from autos with conventional inner combustion engines to electrical powertrains.

However not like many mainstream automakers, Bentley will lean on plug-in hybrid electrical autos in its transition to all electrical. The corporate plans to completely provide electrified fashions, together with all-electric and plug-in hybrids, starting in 2026. Bentley presently presents a $160,000 plug-in hybrid model of its Bentayga SUV, which incorporates an engine in addition to EV parts and electrical vary.

Bentley’s plans comply with its second consecutive yr of report gross sales. It reported gross sales of 14,659 autos final yr, a 31% enhance over the corporate’s earlier gross sales report of 11,206 vehicles and SUVs in 2020. The report gross sales occurred whereas a lot of the worldwide automotive business struggled with provide chain points. Most notably, an ongoing scarcity of semiconductor chips.