Chinese electric car company NextEV unveiled its new brand NIO Monday and launched what it said was the fastest electric car in the world.

The NIO EP9 has 1,360 hp, which propels the car from rest to 160 mph in 7.1 seconds.

The car will go on sale in China next year, and then around the world. No word yet on price. The company said it will eventually produce a range of electric cars for the mass market.

This is the Chinese electric vehicle start-up’s first product.

“With 1,360 hp, the supercar matches the performance of top hybrid supercars, such as the LaFerrari and McLaren P1,” NextEV said in a statement.

The NIO EP9 was launched at the trendy Saatchi Gallery in Kings Road, London. The launch was a lavish affair, with many journalists taking part from around the world. The event was filmed live on Chinese TV.