NextEV is planning to release a new McLaren P1-rivaling hypercar by the end of next year.

The Chinese-backed NextEV company is headed by former president of Ford of Europe Martin Leach and also runs a Formula E team. They won the Formula E drivers’ championship with Nelson Piquet Jr. in 2014-2015.

The NextEV supercar is reported to have performance to rival the likes of the McLaren P1 and LaFerrari. It will also likely rival both cars in terms of price as well. The car has reportedly been under development for the past two years in Munich.

“The first car is designed to attract attention and to show what we can do from a technology standpoint,” Leach said. “But we will ultimately offer a wider range of models.”

The NextEV hypercar will be launched in Europe by the end of next year. We will keep you updated as we hear more.

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