Jaguar takes on Tesla with electric vehicle prototype

British car maker Jaguar Land Rover is taking on US pioneer Tesla with its own electric vehicle.

The Jaguar I-PACE (LSE: 4031.L - news) is a "performance" car capable of going from 0 to 60mph in four seconds - using an electric battery.

A prototype of the British-built car has been launched in Los Angeles.

The final model is expected to be on the road in 2018.

It is described as being a "smart, five-seat sports car and a performance SUV in one".

The car maker said that anywhere in the world the car could be plugged into a wall socket overnight to leave enough range to complete an average daily commute of around 50km.

A full charge will give a range of more than 500km, the company said.

The announcement puts it in competition with Elon Musk's Tesla in the electric vehicle market.

It comes a day after Jaguar Land Rover, owned by India's Tata Motors (BSE: TATAMOTORS4.BO - news) , reported a 23% rise in revenues to £6bn for the three months to the end of September.

Pre-tax profits swung to a £280m profit compared to a loss of £157m the year before, with the improvement attributed to the global appeal of latest models.

The UK car industry has been hit by uncertainty about the impact of Brexit, with Nissan demanding compensation for any tax barriers that may be raised as a result of quitting the EU.

Nissan later confirmed it would build two new car models at its plant in Sunderland, but denied claims of a "sweetheart deal".

Jaguar Land Rover has called for a level playing field for car makers.