German luxury carmaker Mercedes-Benz unveiled its all new electric SUV called 'EQ' at the 2016 Paris Motor Show on Thursday.

The name EQ stands for "Electric Intelligence".

The electric SUV comes with two electric motors on the front and rear axles for a total power output of up to 300 kW. The company claims it will be able to accelerate from 0 to 100 km/h (0 to 62 mph) in under five seconds.

Mercedes says the vehicle will be able to take charge rates of 50 kW up to sometimes 150 kW and it eventually sees a charging capacity of even up to 300 kW.

The Generation EQ car joins the current trend among concept vehicles of replacing side mirrors with cameras and disguising door handles and windshield wipers in order to emphasize a clean aerodynamic shape.

It seems the 2016 Paris Motor Show has gone green as it is turning into the spot for electric concept car launch platform, Volkswagen is also planning to unveils its electric concept car with a range of 300 miles at the show. Like Mercedes, Volkswagen has said the concept car provides some insight as to what the production vehicle will look like.

The launch will help Mercedes compete with U.S. based electric carmaker, Tesla Motors and other rivals that are rushing to produce luxury electric cars of their own. The company is eyeing to add four new electric cars to its model range by 2020.

Competition is gearing up in the electric car market, leading electric carmaker Tesla recently announced a battery upgrade that will increase the range of the Model S with Ludicrous mode to 315 miles, and the Model X with Ludicrous mode to 289 miles.

The automaker claims the Generation EQ is close to production.

The pricing is expected to be around $55,000.