Ford finally unveiled to the world its first serious entry into the electric car race: The Mustang Mach-E. The fully electric SUV aims to challenge Tesla's dominance, targeting the same market Tesla's Model Y seeks to take.

The Mach-E, strangely enough, is part of the Mustang family. It seems odd that an SUV, let alone an electric one, takes its name from a line known for being gas-guzzling coupes with an aggressive and edgy design.

The Mach-E is none of those things. Its sleek curves very much remind you of your typical family SUV. Being all-electric, it doesn't have the same whirr and roar of the engine, not to mention the removal of the gearbox (as electric motors have no need for multiple gears). And it seats five comfortably. Mustangs usually have two seats, with the back being able to seat another two, although it is very much not recommended.

The Mach-E received much fanfare that even Tesla founder Elon Musk tweeted about it.

It's all in the name

So, the first question that comes into mind is, why the name? While Ford has not given an official reason why there are two possible reasons that we've thought of as to why.

First is brand recognition. The Mustang name is well known in the automotive world, and lending the Mustang name to the company's first long-range electric vehicle could be seen as a way to leverage the brand to sell its newest car. The second reason is re-imagination. Perhaps Ford wants to associate the Mustang name with industry-changing cars. The original Mustang did do so back in 1964, which sparked a new genre of cars called "pony cars", of which the Chevrolet Camaro, Dodge Challenger, and Plymouth Barracuda are all part of. While Ford wouldn't be the first company to create long-range electric vehicles or the company that made such cars accessible, they perhaps would be the first company to manufacture these vehicles on a massive scale. Ford has over nine assembly plants across Northern America, while Tesla only has three.

No Slouch Here

When companies usually release competing products, they're usually behind the current market leader and takes some time before they finally catch up to them.

Not the Mach-E. Right off the bat, The Mach-E is expected to go as far as 300 miles in a single charge. It can also go from 0 to 60 in as fast as 2.5 seconds. And with its 150kW DC Fast Charger, expect Mach-Es to receive 47 miles of range with just 10 minutes of charging.

As for its interiors and dashboard, it looks to Tesla for inspiration. Gone are the analog buttons in and meters of the past. The center console has been replaced with a 15.5-inch touchscreen that can handle the thermostat, media options, mapping, and yes, the car does have assisted driving, much like the Tesla Y.

Coming sooner than you think

Ford is obviously against a big target, arguably the king of electric vehicles. But their Mach-E shows that Tesla is no longer the undisputed king when it comes to electric vehicles. Comparisons between the Mach-E and the Model Y show that the two are quite similar in each other, in that both vehicles target the same category and are priced near each other.

Ford will start rolling out the Mach-E late next year. The First Edition model with be the first released, and starts at $61,000. Next up will be the $51,700 Premium model, and the $44,995 base Select model, which will become available in 2021. For those looking for extra power, there's also a GT model that uses a dual-motor AWD setup and has its own exclusive stylings and trimmings. Of course, these are just the base prices and expect much more customization available for purchasers in the future.

For reference, Tesla's Model Y is expected to launch for as low as $40,000 and as high as $60,000.