Electric vehicle startup IM Motors launched its third model, the LS6, on Thursday in Shanghai with four variants priced from 214,900 yuan ($29,420) to 276,900 yuan, in efforts to compete with the Tesla Model Y.

The model has received more than 30,000 orders since presales began in September.

The SUV is 4,904 millimeters in length with the wheelbase stretching to 2,950 mm.

Equipped with an Nvidia Orin X high computing power chip and high-precision LiDAR, the model features more than 100 state-of-the-art technology configurations. This includes an industry unique full digital cockpit screen, which displays road condition information and solves blind spot hazards.

According to Liu Tao, CEO of IM Motors, the L7 and LS7 models on the market, which compete with BMW's 5 Series and X5, are to establish a high-end pure EV position for the brand.

The newly-launched LS6 and the upcoming L6, to compete with the Tesla Model 3, aim to boost the brand's sales, Liu added.

Established by China's largest automaker by sales SAIC Motor, IT giant Alibaba and Zhangjiang High-tech in 2020, IM Motors completed in two years what took its competitors nine years to accomplish in self-driving technology, said Liu.

He added that its high-speed Navigate on Autopilot, or NOA, covers 26 cities, including Beijing.

"Our weakness lies in brand awareness, as IM Motors has not quickly risen to the top tier of EV startups within the past two years but belongs to the upper level of the second tier. In the first half of this year, IM has made the fastest progress in the field with brand awareness but still stands at only 76.8 percent," said Liu.

He added that it will continue to make efforts to enhance brand awareness through marketing events targeted at the young generation and opening more sales outlets.

It now has 200 sales stores nationwide and that is expected to increase to 300 by the end of this year.