Many people have been on the wait-list for Tesla's Model 3 which will be available in late 2017. Keen to compete in the electric car market, Jaguar has launched its first electric vehicle, the I-Pace Concept. Set to be released at the LA Motor Show, the I-Pace Concept is expected to be an SUV-type vehicle similar to the Model X, but with a sleeker concept, typical to this British car brand.

According to The Telegraph, the I-Pace can last 310 miles on a single charge and has the ability to accelerate from 0-62mph in just 4 seconds, the quickest acceleration for any electric vehicles out in the market now, and competitive with even some gasoline-powered sports cars. In addition, the I-Pace operates on 4WD or four wheel drive and will have 400bhp and 516lb ft of torque powered by a 90 kWh lithium-ion battery pack.

Top Gear also reports that the bespoke aluminum architecture of the I-Pace's body is engineered to reduce drag coefficient down to 0.29, compared to its F-Pace partner which is at 0.34. In terms of weight distribution, the motors were divided, one on each end. This also ensures the efficiency of the car's run energy and fits with the car's torque distribution system, which can distribute more energy to the rear or front based on its computations. This means that each of the car's wheels can adjust their own acceleration levels at different rates. (READ: Travel Tips: Electric Car Road Trips - Guide On Apps, Prep, Routes)

Ian Callum, Jaguar's design director also describes the interiors as "the template for our future touchscreen technology". A 12 inch touchscreen is mounted above the tactile rotary dials. In addition, the car's roof features full-length glass to keep the interiors bright and classy. Leather seats are cricket-ball stitched, the design studio's coordinates are laser-engraved onto the dashboard and a lithe imprint of a glove on the glovebox. (READ: Top Five Electric Cars Better Than The Tesla Model S and Model 3)

Best of all the, Jaguar is also announcing that the I-Pace's retail price should be easily affordable, costing around $64,000. The luxury car company is starting to take registered buyers on its website. Tesla did the same for its Model 3 and has already secured at least 400,000 pre-orders.