World's first $1 million electric supercar

High-tech science and high-end performance combine in one very impressive package with an all-new, all-electric sports car. The Concept One, from little-known Croatian automaker Rimac Automobili, is the world's first electric supercar, boasting 1,088 horsepower.

Also high-end: the price tag. The Concept One is expected to retail for just a shade under one million dollars.

With four electric motors under the hood, the Concept One can go from zero to 60 in 2.8 seconds. Rimac claims the maximum range of the car is 375 miles on one charge of its lithium ion phosphate (LiFePO4) battery.

Not content with pushing electric car technology to the limit, Rimac also innovated its own control system, called Torque Vectoring. Each wheel is controlled by its own motor and is monitored by the car to adjust for control and power.

Rimac Automobili is a company you probably haven't heard of. They specialize in building the components of electric drive systems used by other auto makers. With the Concept One, the company decided to utilize its expertise in designing this one-of-a-kind sports car.

"The Concept One is a showcase for what we can do," Mate Rimac, the CEO and owner of Rimac Automobili, told Reuters. "We've put the best work we've done over the last several years into that car, all in one place, so we can show off the services we provide, and our car components - and it is also our first production car."

Since no other company builds electric drives for high-performance automobiles, Rimac had to create the parts themselves. Concept One is constructed entirely from parts built in the company's home of Croatia and includes 24 patented innovations.

"With [Torque Vectoring], we can control each wheel independently [and make adjustments] thousand times per second," Mate Rimac told Reuters. "That means that, for example, when you turn into a corner, the front right wheel can brake for a second, while at the same time the rear left wheel accelerates at maximum power and the front wheel does nothing."

Rimac Automobili hopes to position itself as the electric alternative to boutique sports car big shots like Bugatti or Koenigsegg. With the Concept One reportedly retailing for $980,000, Rimac is already in their competitors' price range.

With 1,088 horsepower, the Concept One has a top speed of 190-mph.

Mate Rimac, owner of Rimac Automobili, hopes to sell as many as 15 Concept Ones a year.

Press release photo of the Concept One.

The all-electric Concept One on the road.