Backed by Saudi Arabia’s Public Investment Fund, Lucid Motors has unveiled its first production electric vehicle (EV), which is hoped will rival Tesla in the market.

The Lucid Air was launched from the company’s Silicon Valley headquarters on Thursday, with deliveries expected to start in spring 2021.

“Lucid Motors is driven to make the electric car better, and by doing so, help move the entire industry forward, towards accelerated adoption of sustainable mobility.

The goal of this relentless approach to developing the world’s most advanced electric vehicle is to benefit all mankind with sustainable, zero emission transportation, and to also attract new customers to the world of EVs,” said Peter Rawlinson, CEO and CTO, Lucid Motors.

The PIF, which also has a stake in Tesla, invested more than $1 billion in Lucid two years ago for a majority stake in the company.

The full range model starts from below $80,000, and reservations are open now for customers across the US and Canada, as well as in countries in Europe and the Middle East.

Branded as the world’s fastest charging EV and the most aerodynamic car in the world, the Lucid Air has race-proven EV battery packs and natively integrated Alexa voice capabilities.

“With the Lucid Air, we have created a halo car for the entire industry, one which shows the advancements that are possible by pushing the boundaries of EV technology and performance to new levels,” added Rawlinson.