Lucid is hopeful that its recently-launched Sapphire sub-brand will push it further upmarket and raise valuable funds for the brand’s expansion.

The small electric automaker unveiled the Air Sapphire at the Monterey Car Week. Not only does the model serve as a new flagship for the electric sedan but it will be the first of future Sapphire-branded models. Priced from $249,000, the Air Sapphire promises performance to rival that of the $137,440 Tesla Model S Plaid but with luxury far beyond its rival.

“We’re certainly taking the brand even further upmarket from a price-point and positioning perspective,” Lucid vice president of marketing Jeff Curry told Auto News. “We’re going after those folks who might be in a Mercedes AMG product or BMW M product and want to go electric but need a place to go. This is our representation of the pinnacle of electric performance.”

The Lucid Air Sapphire was launched in the midst of slower-than-expected output at Lucid’s Arizona factory and its growing financial losses. Like other car manufacturers, Lucid has been focusing on building the most expensive version of the Air first but does intend on starting deliveries of the $87,400 Air Pure by the end of this year.

Read More: $249,000 Lucid Air Sapphire Has Over 1,200 HP And Runs The 1/4 Mile In Less Than 9 Seconds

“It’s common for automakers, whether legacy or startup, to roll out an attention-grabbing, range-topping EV first to help recover all those years of R&D costs and steer themselves out of the red,” AutoPacific industry analyst Robby DeGraff described. “Hopefully, the Air Sapphire will help Lucid generate the funds needed to finally begin production of more mainstream trims, like the sub-$90,000 Pure that we’re still waiting on.”

Distinguishing the Lucid Air Sapphire from lesser models is the fact that it features a three-motor powertrain that consists of two motors at the rear axle and one motor at the front axle. Lucid says it is good for over 1,200 hp, can hit 60 mph (96 km/h) in less than 2 seconds, sprint to 100 mph (160 km/h) in under 4 seconds, and run the quarter-mile in less than 9 seconds.

Various other upgrades have been made, including stiffer front and rear springs, unique damper settings, stiffer bushings, and unique tuning for the ABS, traction control, stability control, and electronic power steering.

“When we set out to do the Lucid Air, it was clear that luxury had to be paramount and that we really wanted to position the brand in a luxury place,” Lucid senior vice president of brand and design Derek Jenkins said at the Sapphire’s launch. “That said, performance has always been a priority. The Air, especially in its top forms, is an incredible performance vehicle. But as performance enthusiasts, we felt there was another level.”