(Yicai Global) July 2 -- Chinese new energy vehicle startup Qiantu Motor aims to tap China's premium auto market with the release of its first model, an all-electric sports car, in August.

The company's first ever vehicle rolled off the production line over the weekend and a full-release is slated for August, the Suzhou-based automaker's Chairman Lu Qun said at a ceremony to mark the event.

The firm gave Yicai Global a sneak peak of their production line. On entering, our reporter noticed that workers for the facility are all in place line carrying out trial assembly and small-scale production of the K50 model.

In Lu's view, Qiantu's strategy of starting from sports cars is based on the innate advantages of all-electric sports vehicles. Building a reputation and brand similar to that of US giant Tesla is more important than short-term sales, Lu added.

The company kicked off the construction of its CNY Suzhou production base with a low profile in early 2016, with the total investment hitting CNY2 billion (USD300 million). The groundwork within the facility has all been laid, including all functional departments. The factory employees more than 600 workers.

Following NIO's ES8 and the WM EX5, the Qiantu K50 represents the third model officially released on the market from Chinese smart vehicle firms.

Yicai Global undertook a test drive of the finished product. The two-door two-seat design of the car is quite flexible, while the body is made from advanced composite materials. The vehicle boasts a maximum power of 276 kilowatts as well 650 newton-meters of torque. The maximum driving range is 365km and the car can go from 0 kilometers-per-hour to 100 kmph in 4.6 seconds with a maximum speed of more than 200kmph.

In contrast to those traditional assembly plants visited by Yicai Global before, Qiantu has designed a new production line centering on the use of lightweight materials including carbon fiber and aluminum alloy, as well as new manufacturing techniques. Xiong Fei, the vice president of Qiantu's product engineering institute told Yicai Global that the Suzhou base has also constructed a battery system production line.

Editor: William Clegg