Chinese startup NextEV has unveiled its first electric car NIO EP9, which is being billed as the fastest electric car ever made. Powered by four electric motors, the car generates 1,360 hp and has a top speed of around 195 mph.

The electric car is capable of completing the Nürburgring in a staggering seven minutes and five seconds. It is the first car to be launched under NextEV's new "NIO" brand. The company is set to release more vehicles and products following the EP9 that will make "NIO more of a lifestyle brand than a straightforward car manufacturer."

NextEV is a Chinese company that was set up in 2014. Since then, the company has been competing in Formula E. The team won the championship in its first year with Nelson Piquet Jr in the cockpit.

With 1340 hp under the hood, the EP9 is going to give a tough competition to Tesla's top of the line Model S, Audi's R8 e-tron, and the Rimac Concept One.

TheNIO EP9 is a two-seater car. It has four onboard motors and four individual gearboxes, which are capable of delivering one megawatt of power to the wheels. It is capable of accelerating from 0 to 62 mph in 2.7 seconds, 0 to 124 mph in 7.1 seconds, and 186 mph in 15.9 seconds. The EP9 cannot, however, complete a quarter mile stretch in under 10 seconds, failing by a mere 100 ms. The car weighs 1735 kg with its batteries alone weighing 635 kg. Also, the power packs are interchangeable with a fresh set that can last for 265 miles.

According to AutoExpress, NextEV has only made six units so far. Each car reportedly cost $1.2 million to build. Thankfully, NextEV is set to launch another vehicle sometime in 2017 - a regular production car (maybe a Model 3 competitor) that should be a tad cheaper.