British sports car maker McLaren will focus on the development of hybrid cars over the next ten years and estimates that the development of petrol-powered models will cease by 2030, CEO Mike Flewitt told the Financial Times on Tuesday.

“We will be developing engines for the next ten years, we will be selling them for the next 15 years, but we expect much of the world to line up around 2035 for a total transition to electric cars,” said Mike Flewitt.

Although other car manufacturers, such as Volkswagen, have presented their plans for electric models, the strategy announced by the head of McLaren has one of the most accurate electrification schedules announced by a car manufacturer. Italian rival Ferrari has provided little detail on its electrification plans, and Aston Martin has decided to postpone its electric car program, according to Agerpres.

Mike Flewitt added that McLaren will not launch a fully electric car until the second half of this decade, due to high weight, performance and range constraints.

The McLaren brand, famous for its Formula 1 cars, has suffered a decline in sales due to the pandemic and is expected to deliver 2,700 units this year, 40% less than last year. Mike Flewitt estimated that McLaren will report losses this year and stressed that it is possible that the global luxury industry will not recover until 2023.