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Look out Tesla. Jaguar just vowed to electrify all of its cars by 2020.

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Tesla and Volvo have some competition.

British auto manufacturer Jaguar announced its first all-electric sports car, dubbed the I-PACE. Jaguar CEO Ralf Speth explained that the 5-seat vehicle is part of the company's larger mission to produce only electric cars by 2020.

"From 2020 all of our new vehicles will be electrified, giving our customers more choice," he said. "We will introduce a portfolio of electrified vehicles across our model range, embracing fully electric, plug-in hybrid and mild hybrid vehicles -- cars and SUVs."

Though the I-PACE is environmentally friendly, it doesn't lack any of the qualities of a true Jaguar. Thanks to its instant torque, all-wheel-drive and aerodynamic design, the car will be able to reach 60mph in about four seconds. Besides speed, the I-PACE boasts an impressive battery that'll charge to about 80 percent in 90 minutes. That translates to about 220 miles on the road.

Introducing the All-New Jaguar I-PACE Concept

Jaguar's announcement follows the footsteps of other car companies, such as Tesla and Volvo, which also expressed a commitment to developing environmentally sustainable vehicles. Tesla recently launched its highly-anticipated Model S and X models, while Volvo promises that its cars will either be electric or hybrid by 2019. Jaguar said it anticipates the I-PACE model to roam the roads by mid 2018.

There's no confirmed price tag, though, many expect the cost to hover around $75,000--comparable to Tesla's Model S.

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An early look at Jaguar's first electric car


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