Ford unveiled its first purpose-built EV, the Mustang Mach-E, with stylings influenced by its pony-car series and power that takes the vehicle from zero to 60 mph in about three seconds. Prices start at $43,895 with deliveries expected to begin late next year.

For the environmentally-conscious consumer with big pockets, Bugatti Automobiles has said it plans an electric-powered grand tourer or crossover that would cost about $500,000 to $1.1 million. That is less than the luxury carmaker’s $2.7 million limited-edition Chiron supercar. Tesla’s least expensive Model 3 costs $35,000.

Carmakers have been jockeying for position in the EV market for years despite electric-powered vehicles representing just a sliver of global automobile sales — about 2 million of 78.6 million last year, according to the International Energy Agency. 

But the market is expected to surge because of advances in technology and greater concern over the negative effects of fossil-fuel powered vehicles. Colin McKerracher, head of advanced transport at BloombergNEF, has estimated 57% of all passenger vehicle sales will be electric by 2040. 

Relying on the Mustang name and style may be a pointed attempt by Ford to differentiate the Mach-E from rival EV-maker Tesla’s upcoming similar-sized Model X SUV. If so, Tesla’s Elon Musk doesn’t appear to be worried.

“Congratulations on the Mach E!” Musk tweeted. “Sustainable/electric cars are the future!!. Excited to see this announcement from Ford, as it will encourage other carmakers to go electric, too.”

While hardcore automobile fans refuse to call the Mustang a sports car, there is an actual electric car racing series where carmakers are pushing the limits of EVs. Formula E competes at the highest level in cities around the world, with sustainability as its core tenet.

  • Ford will offer five Mustang Mach-E models with a mix of driving range and performance. The Mach-E is the first of 16 electric cars that Ford plans to launch worldwide by 2022.
  • To appease hardcore Mustang fans, the Mach-E will have a long hood, even though it doesn’t need one, to keep the design similar to the classic model. Tail lights will spread out horizontally in the style of a sports car. Perhaps the most important concession to sports-car fans is that the Mach-E will not be as silent as the typical EV. It will have an artificially created sound that car varies with acceleration and speed.