Luxury automotive company Lucid Motors recently unveiled its newest creation, a luxury sedan packed with some of the newest technology known to man. Dubbed simply as Lucid Air, the car has a $160,000 price tag.

Lucid Motors Chief Technology Officer Peter Rawlinson described the Lucid Air as "a private jet on four wheels."

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The company is now accepting preorders for the car, with a required deposit of $2,500 for the entry-level model, and $25,500 for the Launch Edition. Lucid Motors said that the Launch Edition will have an independent dual rear seat setup which can fully recline in the manner of first-class airplane setup, a feature that might have shot the car's price to as much as $160,000.

The Lucid Air has a twin electric motors on the car's front and rear which produce a combined 1,000 horsepower. The car has a wide selection of Lidar, camera, radar, and other sensors that allow it to be fully autonomous. In terms of driving range, one model can go up to 300 miles, while an upgrade can increase the mileage to as much as 400 miles.

According to Tech Crunch, the high-end model of the Lucid Air has a 100kWh battery and can accelerate from zero to 60mph in just 2.5 seconds.

Lucid Motors said that it is also planning to construct company stores to sell its vehicles, much like what Tesla has done with its showrooms. The company plans to open the first batch of these stores within the latter part of 2017.

Lucid Motors plan to construct around 10,000 Lucid Air vehicles, with production set to increase up to 60,000 within the next three or four years.

In a statement acquired by USA Today, Lucid Motors Head of Marketing Zak Edson said, "We have a strong cost model for our car, which includes our battery supplier Samsung as well as some of our parts coming from Sonora. In the end though, we're not going out there to compete with Tesla, but rather to compete with all the top luxury automakers, like Audi and Mercedes-Benz."