Jaguar's Tesla Model X rival is coming in 2018 - here's everything you need to know

Jaguar is gearing up to release its very first electric car.

Several automakers, like Mercedes and BMW, are aiming to produce an electric SUV by 2020 - and for its very first electric car, Jaguar is taking the same strategy. It's a smart move at a time where demand for smaller sedans is waning and electric cars still only make up roughly 1% of auto sales.

Jaguar showed off its electric SUV concept at the Los Angeles Auto Show in November. Called the I-PACE concept, the SUV is serving as the basis for a production model set to hit the market in 2018. The car puts Jaguar in direct competition with Tesla, particularly with the Model X.

Here's everything you need to know about the new I-PACE: