Chinese automaker NIO has officially launched its first production car, the ES8, during a presentation at Beijing Wukesong Arena. The ES8, which will begin delivery in early next year, starts at 448,000 Chinese yuan ($68,000 USD), which is about half of what Tesla’s Model X retails for in China.

First shown at the Shanghai Motor Show in April, the three-row, seven-seat ES8 comes with both front and rear motors, making for 480 kilowatts of power and 840 Nm of torque to all four wheels, and enables the ES8 to accelerate from 0-100 km/h in just 4.4 seconds.

The ES8’s innovative battery charging system ‘NIO Power’ allows the car’s battery to be swapped in three minutes. The NIO is also equipped with the Mobileye EyeQ4, which has a computation capacity nine-times more powerful than its predecessors, as well as the world’s first in-car AI system called “NOMI”, which combines the ES8’s intelligence and car connectivity functionalities to turn it into a fun, expressive, and intuitive companion that can listen, talk, and help drivers along the way.