Buick, a division of General Motors, will debut its first EV in 2024 and its North American sales will be exclusively electric by 2030, the company announced Wednesday. The announcement follows similar announcements by other luxury automakers, from GM’s Cadillac, to Mercedes-Benz and Rolls-Royce.

The announcement comes as Bloomberg NEF’s 2022 Electric Vehicle Outlook, also released Wednesday, reported sales of non-hybrid, internal combustion engine-powered vehicles are now in “permanent decline” as EV sales are expected to triple by 2025 — at which point EVs will be reducing oil demand for transportation by as much as 2.5 million barrels per day. “Most importantly, the market is shifting from being driven primarily by policy, to one where organic consumer demand is the most important factor,” lead authors Colin McKerracher and Aleksandra O’Donovan wrote in the BloombergNEF report. (Buick: Detroit Free Press, Bloomberg $, Wall Street Journal $, The Verge, The Hill, CNBC; BNEF: CNN, Bloomberg $)