Chinese electric car startup NextEV launched its record-breaking EP9 electric supercar under its new sub-brand NIO late November at an unveiling at the Saatchi Gallery in London, England, reports Electrek.

NIO says its EP9 sports car can accelerate to 100 km/h in a scant 2.7 seconds, going on to reach a top speed of 313 km/h (194 mph) thanks to its four electric motors’ combined output of 1,360 horsepower.

Endowed with such power and performance, the sports car has already smashed the existing EV lap record at the Nurburgring Nordschleife circuit, with a blistering 7:05:12 (seven-minute five-second) lap time.

If driven conservatively, the new two-seat supercar is said to be able to achieve a total range of 427 kilometers on a single charge; thanks to advanced battery technology, a full recharge is claimed to take only 45 minutes.

The EP9’s two battery packs are mounted low and wide in the chassis, parallel to the running boards. Together, the battery packs weigh 635 kilograms, but this weight is offset by the feather-light construction of the chassis and body, which uses carbon fibre as the chief building material.

The body-in-white is said to weigh only 364 kilograms, while the total curb weight is listed at 1,735 kilograms (3,825 lbs).

All four electric motors are positioned inboard to keep unsprung mass to a minimum, and each motor powers its own wheel through a dedicated gearbox, allowing for precise torque-vectoring all-wheel-drive.

Having broken the EV lap records at both the Nurburgring and Paul Ricard circuit, as well as managing the quickest terminal velocity of an EV to date, NIO claims its EP9 is now the fastest electric car in the world.

With these bragging rights to its name, the electric startup is looking to sell a limited run of EP9s for $1 million apiece; exact pricing and availability is yet to be released.

Every EP9 sold will be capable of autonomous driving, according to the brand. In its report, Electrek states NextEV has been hiring autonomous driving tech experts from both Tesla and Apple.

In a nod to its zero-emissions mandate, NIO’s Chinese name is Weilai, which translates into “Blue Sky Coming.” NIO says by pushing the boundaries of what is technically possible with electric cars, drivers will naturally gravitate toward EVs.

“We believe that when the car ownership experience exceeds expectations, electric vehicles will become the natural choice for everyone, leading to a more sustainable tomorrow. And with that, our vision of a blue sky will come true,” said William Li, NextEV founder and chairman.

“The NIO EP9 was born to push limits and is the first stage of automotive production for NIO. It is a statement of our vision and technical and manufacturing capabilities. It is a best-in-class product that showcases what is possible with electric vehicles.”