Rolls-Royce, the brand synonymous with ultra-luxury vehicles, expects to produce full electric cars by 2040, CEO Torsten Müller-Ӧtvӧs told the Financial Times.

Rolls-Royce Motor Cars manufactures and sells the world’s pinnacle super-luxury automobiles, including the Phantom, Ghost, Wraith and Dawn range of models. Rolls-Royce Motor Cars is a wholly owned subsidiary of the BMW Group, based in West Sussex, UK.

The company plans to introduce its first electric vehicle within the next 10 years, but will phase out its existing engines over several decades.

Müller-Ӧtvӧs was quoted as saying that “electrification is the future, full stop. You need to prepare yourself for that,” although the company will continue to sell petrol engines where it is legally allowed.

“We will definitely offer 12-cylinder engines as long as we can, as long as it is legally allowed to offer them,” he said.

Müller-Ӧtvӧs was speaking at the unveiling of Rolls-Royce’s first sports utility vehicle, the Cullinan, named after the largest diamond ever discovered, with a price tag of GBP 210,000 (USD 285,000).