Jaguar, the Indian-owned luxury car brand, will only produce electric vehicles in just four years time, the company revealed on Monday.
"By the middle of the decade, Jaguar will have undergone a renaissance to emerge as a pure electric luxury brand," said a statement from Jaguar Land Rover (JLR), adding it intends to become a net zero carbon company by 2039.
The news comes as Japanese auto maker Nissan denied it is in talks with Apple to develop self-driving cars – only a week after Hyundai also dismissed reports it was discussing the same thing with the US tech giant.
A source close to Nissan told AFP that the company "doesn't need Apple to sell" its cars.
"We are not in talks with Apple," a Nissan spokeswoman said. "However, Nissan is always open to exploring collaborations and partnerships to accelerate industry transformation."
JLR says it plans to invest £2.5 billion ($3.5 billion, 2.9 billion euros) annually under its 'Reimagine' plan, which will see the first all-electric Land Rover model in 2024.
The company said it also plans to restructure its UK non-manufacturing operations. It did not say whether this meant job cuts were on the horizon.
Jaguar Land Rover said it also aims to achieve net zero carbon emissions across its supply chain, products and operations by 2039.
"As part of this ambition, the company is also preparing for the expected adoption of clean fuel-cell power in line with a maturing of the hydrogen economy,” the statement added.
"Development is already underway with prototypes arriving on UK roads within the next 12 months as part of the long-term investment programme.”
JLR is owned by Tata Motors, itself part of Indian conglomerate Tata Group.
Jaguar Land Rover will ensure "closer collaboration and knowledge-sharing with Tata Group companies to enhance sustainability and reduce emissions as well as sharing best practice in next-generation technology, data and software development leadership", the firm said.
- Reporting by AFP