Luxury carmaker Rolls-Royce says it will jump into the highly competitive SUV market by offering a completely new all-terrain vehicle.

Chief Executive Officer Torsten Muller-Otvos said Wednesday the announcement marks a "seminal moment in Rolls-Royce's 111-year journey."

Rolls-Royce follows BMW, Porsche, Mercedes-Benz and other high-end carmakers into the lucrative SUV market.

The company has long been known for its stately, expensive sedans and convertibles.

Rolls-Royce says the new aluminum SUV will have exceptional elegance as well as the toughness needed to cross any terrain.

It did not announce a target date for production or the cost of the vehicle.