It’s a fast electric horse.

Ford unveiled the battery-powered Mustang Mach-E utility vehicle on Sunday night, marking the first time the Mustang name has been used on a model other than a two-door sports car.

As Ford’s first purpose-built electric vehicle, The Mustang Mach-E is a compact utility that’s about the same size as the Ford Escape, but features a sportier look infused with plenty of Mustang-influenced styling cues. The Mexican-made vehicle is set to be the first of 16 electric cars Ford launches worldwide by 2022.

A lineup of five Mustang Mach-E models with a mix of driving range and performance will begin rolling out late next year with two battery size options and a variety of rear-wheel-drive and all-wheel-drive powertrains. Starting prices run from $44,995 to $61,600 before state and federal electric car tax credits are applied.

All of the Mustang Mach-Es share the same four-door hatchback design with seating for five and a water-resistant trunk under the hood that compliments the rear cargo area. A digital instrument cluster sits behind the steering wheel while a 15.5-inch touchscreen display dominates the center of the dashboard and is equipped with Ford’s next-generation Sync4 infotainment system.

Depending on the configuration, the Mustang Mach-E will be able to travel from 210 miles to 300 between charges, with rear-wheel-drive versions equipped with an extended range battery pack delivering the longest distance. The California Route 1 looks set to be the least expensive of the 300-mile models at a base price of $51,500.

The top of the line GT is aimed at delivering the kind of muscle car-like performance the Mustang name evokes. It’s powered by an all-wheel-drive system rated at 429 hp and 612 lb-ft of torque. Ford says it can accelerate to 60 mph in the mid-three-second range, which makes it nearly as quick to the speed as a Ford Mustang Shelby GT500 and puts it in the same league as the most powerful version of the upcoming Tesla Model Y. However, Ford estimates the GT will have a range of 235 miles, compared to 280 miles for the Model Y, which is similarly priced at $62,125.

Unlike Tesla, Ford isn’t promising any future full-self-driving capability for the Mustang Mach-E, but it does offer an electronic driver aid system with automatic emergency braking, adaptive cruise control and lane-centering assist. A limited hands-free highway driving system similar to Cadilac's Super Cruise will be added later, according to Automotive News. The Mustang Mach-E is also compatible with Ford’s Phone as Key feature that allows drivers to open and start the vehicle with a smartphone app.

Ford has started taking $500 deposits to reserve a spot when the order books open next year. It hasn’t said how many Mustang Mach-Es it expects to sell, but will be launching it with a limited availability $61,000 First Edition model that’s loaded with features and a 332 hp all-wheel-drive powertrain good for 270 miles of range.

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This story has been updated with additional specifications