Audi will phase out production of combustion engines by early next decade except in China, as the company accelerates its transition to becoming an EV-only automaker, CEO Markus Duesmann said.

Starting in 2026, Audi will only launch new all-electric models on the global market, the automaker said in a statement on Tuesday.

"Audi is ready to make its decisive and powerful move into the electric age," Duesmann said in the statement.

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