For far too long, Tesla has had the high-end electric vehicle market all to itself. But that’s set to change in the next couple of years. Some of the more forward-thinking traditional automakers have gotten their act together, and the first out of the gate will be Jaguar with its new I-Pace SUV. And make no mistake about it: the I-Pace is gunning squarely at Tesla when it comes to the EV’s vital statistics. What’s more, with a starting price of $69,500 it’s going to significantly undercut both the Model S and Model X.

We first saw the I-Pace as a concept car at the 2016 Los Angeles Auto Show. Since then, it has felt like a familiar face, appearing at every major auto show in 2017. There was even news last December that a one-make racing series will support Formula E in 2018. But we didn’t actually see the production version until Jaguar revealed it last week in Austria. US pricing was revealed on Tuesday morning.