Fisker unveils plans for $40,000 electric SUV to compete with Tesla Model Y

Several years ago, Fisker was considered a viable Tesla competitor — but after problems with its Karma electric luxury sedan, it slipped out of the limelight.

But on Monday, the company from iconic car designer Henrik Fisker, announced it was ready to take on Tesla again. It unveiled an unnamed electric SUV priced at $40,000. It's supposed to be the first of three "affordable" electric vehicles coming from the car maker.

Although details are scarce this early in the process, Fisker made the announcement just days after Tesla unveiled its Model Y compact SUV. The pricing for Tesla's newest car? It starts at $39,000.

Fisker plans for the car to officially launch in 2021 and is targeting -- just like the Model Y -- a 300-mile range on a single charge. A four-wheel drive version with two electric motors will be available, like Tesla's dual motor version of the Model 3.

More details like the name, final look of the SUV, and exact pricing will come by the end of this year. Reservations for the car will be available closer to the production date.

Also like Tesla, Fisker is figuring out manufacturing plans, but will select a facility within the U.S. The Model 3 is made at Tesla's Fremont factory, while the Model Y may be assembled in the Nevada Gigafactory.

Fisker's EMotion luxury sedan -- considered a Model S competitor -- is the company's "flagship" car, and is expected to go 500 miles on a single charge. It'll be the first car to feature the company's solid-state batteries instead of typical lithium-ion batteries. Fisker anticipates charging times dropping to just minutes.

The EMotion was first shown at CES last year, but the release date of the car with its signature butterfly doors (take that falcon wings!) is still unclear. The priority is to get the more affordable EVs made and available first.

Fisker also plans to release its Orbit driverless shuttle later this year.