With its new i4 electric car, BMW BMW, +0.23% is hoping to take a bite out of Teslas TSLA, -0.93% market dominance.

The i4 is a 4-door, 5-seat car that is similar in size to BMWs 3 Series, albeit with a profile more akin to the fastback 4 Series Gran Coupe. Unlike the 4 Series, though, the i4 is electric. BMW says its electric motors churn out up to 530 horsepower, and the automaker estimates a 300-mile electric range when the Environmental Protection Agency rates the car.

BMW says the car will scoot to 60 mph in around four seconds, though an M Performance version presumably boasting more power and sharper handling will follow.

We dont know what the i4 will cost when it arrives in the U.S. for the 2022 model year, but its safe to assume that BMW has the $37,490 Tesla Model 3 in its sights. Still, the i4 Gran Coupes 300-mile range doesnt quite match the 353-mile range of the current Tesla Model 3 Long Range (which starts at $46,490).

Still, the i4 does bring some new tricks to the party. For one, the cars Apple AAPL, +0.70% CarPlay compatibility will be able to calculate a route (using Apple Maps, of course) based on the cars available range, as well as any charging stations along the way. Additionally, those with iPhones can use their devices as a key fob to enter and start the i4. And you thought replacing a lost BMW key would be expensive.

See: Whats it like to drive the 2021 Maserati Ghibli?

BMW isnt quite done with gasoline engines which is good news for enthusiasts pining for a few more years or wringing out the German automakers legendary turbocharged powertrains. The automaker is aiming to convert half of its lineup to electric power by 2025, though it hasnt released a target date for going fully electric.

This story originally ran onAutotrader.com.

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BMW's new i4 is set to take on Tesla with 523 hp and a 300-mile range - MarketWatch