Hong Kong (CNN Business) Porsche is upping its bet on electric vehicles.

The German luxury carmaker said Tuesday that it will release an electric version of the Macan SUV, its most popular model, in the next few years.

Production of the "fully electric" Macan is set to start "early in the next decade," Porsche said in a statement. It will be manufactured at the company's existing plant for the Macan in Leipzig, Germany.

The company declined to say whether it would continue selling a gasoline-powered version of the SUV.

The shift to electric vehicles is gathering pace in the luxury car industry as major manufacturers pour resources into new technologies.