According to Roadshow, by CNET, Fisker has debuted its Ocean electric SUV at CES 2020, undercutting Tesla’s price.

Anticipation for the electric SUV has been building for months, with one of the biggest features being its sub-$400 lease price. The official debut didn’t disappoint, with an MSRP of $37,499 and a lease price of $379 per month. With federal tax credits, the price drops to $29,999.

As an added bonus, Fisker has very favorable lease terms. According to a statement Fisker gave Roadshow, lessees “can return the vehicle in one month, eight months, 22 months or several years.” There are “no long-term contracts, with 30,000 miles per year included.” In addition, “Fisker will pick up and return vehicles when maintenance is required, or service is requested,” the company said.

While specific, comprehensive details have yet to be announced, the Ocean “will be powered by an approximately 80-kilowatt-hour lithium-ion battery pack. The company is targeting an electric driving range of somewhere between 250 and 300 miles.”

For observers and consumers who have wanted more competition in the electric vehicle market, the Fisker Ocean debut is welcome news. In combination with the news that Rivian recently raised $1.3 billion, as well as inked deals with Amazon and Ford, the electric vehicle market is beginning to heat up.