By 2035, General Motors will phase out production of gasoline and diesel cars and SUVs in favor of electric vehicles, the company said, as part of a longer-term goal to become carbon-neutral by 2040. Twenty new vehicle styles will be sold by GM in the U.S. Many of the company’s competitors have made similar promises: Volkswagen has said it will build electric alternatives to all of its models by 2030 and the maker of Mercedes-Benz vehicles aims to have electric versions of its models by next year.

The announcement comes a day after President Biden signed new executive orders on climate change, including an order to switch the federal government’s own vehicles to electric. The Biden administration is expected to roll back former President Trump’s actions that loosened environmental regulations for companies. GM’s stock rose more than 4 percent on Thursday after the announcement.