During a recent interview with CNBC.com, mutual fund manager Ron Baron of Baron Capital revealed that two of his analysts recently visited BMW in Germany and the BMW financial team believes that a “revolution in the drive train is underway.”

“We believe that BMW will likely phase out internal combustion engines over the next 10 years,”

Baron wrote in his most recent quarterly letter to shareholders of his funds.

Almost exactly 12 months ago, BMW product chief Herbert Diess told Autocar “all BMW models will soon need to be sold with some form of electrification.” BMW’s head of production for large vehicles, Peter Wolf, told motoring.com.au. “We are planning to have a plug-in hybrid in each and every model series.”

Read more: Electric Vehicle News