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If you haven't yet embraced the idea of an electric vehicle, you may be forced to do so in not so distant future. General Motors announced that it will be phasing out gas and diesel engines in cars, SUVs, and light trucks by 2035.

The conversion to all-electric vehicles does not apply to GM's line of heavy-duty vehicles such as commercial trucks, but GM is reportedly working to develop cleaner technology for that line in its fleet.

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General Motors CEO Mary Barra made the announcement in a statement on Thursday (1/28) noting that the automaker will also strive to become carbon-neutral by 2040.

"For General Motors, our most significant carbon impact comes from tailpipe emissions of the vehicles that we sell – in our case, it's 75 percent. That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle," Barra wrote.

In the statement posted on LinkedIn, Barra says GM plans to introduce 30 new electric vehicles by 2025. The Detroit automaker plans to spend $27 billion as part of a commitment to "put everybody in an electric vehicle."

Currently, gasoline and diesel-powered vehicles make up about 98% of General Motors vehicles being sold today. Tesla is considered GM's biggest competitor in the electric vehicle arena.

GM's stock jumped 4% following the announcement. Tesla shares fell about 2.7% for the day, according to CBS.


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