Mercedes Will Only Sell Electric Vehicles By End Of Decade

German automaker Mercedes-Benz announced it will begin aggressively producing electric vehicles by 2025 and exclusively offer electric options by the decade’s end.

Mercedes-Benz will begin its transition to electric by making battery electric vehicles (EV) available in all segments next year, the company said in a video announcement Thursday. In 2025, there will be an electric option for every car model the iconic automaker produces while every new model or architecture will be electric-only.

The company won’t sell gasoline-powered vehicles beginning in 2030. However, the automaker hinted that it may continue to offer non-electric products in regions where “market conditions” make it infeasible.

“The EV shift is picking up speed – especially in the luxury segment, where Mercedes-Benz belongs,” Mercedes-Benz CEO Ola Källenius said in a statement. “The tipping point is getting closer and we will be ready as markets switch to electric-only by the end of this decade.”

“Thanks to our highly qualified and motivated workforce, I am convinced that we will be successful in this exciting new era,” he continued.

Overall, Mercedes will invest more than $47 billion in research and development of EV technology by 2030, the company added.

The company was likely pressured by more restrictive EU regulations and increased competition, The New York Times reported. The EU, U.K. and Norway plan to ban gasoline cars in the coming years and Tesla has seen considerable growth in Europe.

Mercedes competitors General Motors, Stellantis and Renault have unveiled plans to shift to electric products, the NYT reported.