Debuting earlier this week at the Shanghai Auto Show was China’s first domestically designed and built electric supercar.

Dubbed the Qiantu K50 Event! – yes, with an exclamation point! – and will be entering the Chinese market in 2016.

The Event! will be priced approximately $113,000 (700,000 yuan), similar to what a Tesla Model S costs in China. Further, buyers of the K50 will be eligible for EV incentives, exempting them from the 10 percent sales tax.

Qiantu based this K50 on a concept revealed last year at the Beijing Auto Show, at the time it was simply known as the CH Auto Event concept.

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According to CarNewsChina, the Qiantu K50 Event! is said to have an electric motor pushing out 400 horsepower, a 41.1 kwh battery, and a range of 124.2 miles; in comparison the Tesla Model S 85D has a range of up to 270 miles.

Those 400 horses are stated to help motivate the vehicle to a top speed of 124.2 miles per hour, and lead it to a 0-62 time of five seconds.

With a curb weight of 3,714 pounds, the Event! will weigh less than the lightest Tesla, and is theoretically helped further being a two seater as opposed to Tesla being a five (or plus-two kid) seat vehicle.