General Motors Co said on Thursday it was setting a goal to sell all its new cars, SUVs and light pickup trucks with zero tailpipe emissions by 2035, a dramatic shift by the largest U.S. automaker away from gasoline and diesel engines.

GM, which also said it plans to become carbon neutral by 2040, made the dramatic announcement just over a week after President Joe Biden took office pledging to tackle greenhouse gas emissions and boost sales of electric vehicles (EVs).

GM sold 2.55 million vehicles in the United States last year, but only about 20,000 were EVs, the Chevy Bolt hatchback. It said in November it was investing $27 billion in electric and autonomous vehicles over the next five years, up from $20 billion planned before the coronavirus pandemic.

GM's stock, which climbed as much as 7.4% on Thursday, closed up 3.5%.