A new plan from Rolls-Royce CEO Tufan Erginbilgiç will see the company sell its electric flight business in order to raise between $1.26 billion and $1.90 billion as the organization aims to improve the profitability of its jet engine division.

According to The Guardian, the British luxury car manufacturer wants to record operating profits between $3.17 billion and $3.55 billion a year, in line with its plan announced November 28.

“Rolls-Royce is at a pivotal point in its history,” Erginbilgiç said. “We are creating a high-performing, competitive, resilient and growing Rolls-Royce that will have the financial strength to control and shape its own destiny.”

Under the plan, the company’s jet engine division is expected to increase Rolls-Royce's output levels to meet operating margins between 15% and 17%. The company also said it's hoping to see a profit boost from its defense division, which makes engines for military jets and boats, as well as nuclear reactors for submarines. Rolls-Royce added that it plans to invest more money in its next-generation UltraFan engines that are used in narrow-body airplanes.

“We are confident in our ability to achieve these ambitions and have a clear and granular plan to deliver on our targets,” Erginbilgiç said. “We have made significant progress, with 2023 profit and cash forecast to be materially ahead of 2022.”