Chinese electric car NIO ES58 will finally hit the market, three years after the company was  founded to help cut China’s reliance on imported fuel.

According to reports, the NIO ES58 will sell at $67,783 undercutting the price of its rival Tesla.

The company revealed on saturday that the ES58 with a range of 500 kilometers in a single charge is available for the Chinese at 448,000 yaun ($67,783) compared to its Tesla and BMW X5 counterparts sold at 836,000 yaun and 596,300 yaun respectively

“Electrification of automobiles provides us an opportunity to change lanes to lead,” said William Li, a founder of NIO. “Our goal is to make charging more handy than refueling.”

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