The company believes it must double down on alternative fuels to maintain its strong position in the industrial and commercial markets.

Arguably best known for heavy-duty high-horsepower industrial engines, Cummins does not want to be left behind as the automotive industry shifts toward electricity.

In fact, Cummins is confident it will quickly become a leader in alternative fuels and electrification thanks to its strong position in the commercial and industrial markets.

"Over the past 100 years, our ability to innovate and adapt has fueled our success and we are confident we are on the right path to do it again at this critical juncture," says CEO Tom Linebarger.

The company's 95-liter V16 will eventually be joined by energy storage products, power electronics, traction motor systems and electronic control systems. R&D teams are also continuing to explore other alternative power sources such as bio-fuels, synthetic fuels, hydrogen and solid-oxide fuel cells.

Cummins' first electrified powertrains are expected to arrive by 2019, including pure battery-powered systems and plug-in hybrids.