The BMW-owned brand said in a statement that its first fully electric powered car, named 'Spectre', will be on the market in the fourth quarter of 2023, with testing to begin soon.

 Rolls-Royce CEO Torsten Muller-Otvos said that with this new product his outfit set out its credentials for the full electrification of our entire product portfolio by 2030.

"By then, Rolls-Royce will no longer be in the business of producing or selling any internal combustion engine products", Muller-Otvos added.

Rolls is joining a long line of car makers who are going entirely electric, BMW has not set an end date for producing fossil fuel burning cars, instead setting a goal of 50 percent electric vehicle production by 2030, but its subsidiary Mini said in March it would go all-electric by the end of the decade.

Jaguar will go all-electric by 2025,  Bentley Motors by 2030, and Mercedes Benz maker Daimler by the same year, if market conditions allow.