Porsche unveiled a much cheaper, midrange version of its first electric car.

Monday, the German automaker launched The Taycan 4S, which is about $80,000 less expensive than its flagship Turbo S model unveiled in September. The new entry-level EV is less powerful and lighter than its predecessors, and it will be available for purchase in 2020, Porsche said.

The luxury automaker's latest offering houses an all-wheel-drive layout and two battery size options. The standard battery delivers up to 522-horsepower and the higher-end version offers up to 563-horsepower.

The Taycan 4S can travel 253 miles on a single charge and has a $103,800 starting price. By comparison, Porsche's Turbo starts at $150,900, and the Turbo S starts at $185,000. The Turbo can travel up to 280 miles on a charge, and the premium Turbo S has a range of 256 miles.

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The new car further positions Porsche as a Tesla competitor.

Tesla's high-end version of the Model S sedan starts at $92,615, and the brand's battery life leads the pack. Tesla's luxury Model S has a 345-mile drive range.

On the exterior, Porsche's new sedan looks very similar to the brand's Turbo iteration. However, the 4S is more compact with a redesigned front end, and it comes with red brake calipers, the company said. The latest Taycan has smaller, 19-inch wheels.

The interior of the car is leather-free, to "underscore the sustainable concept of the electric sports car," the automaker said.

The Taycan 4S can be ordered immediately and is scheduled to arrive next spring.

Follow Dalvin Brown on Twitter: @Dalvin_Brown.

This article originally appeared on USA TODAY: Porsche Taycan 4S: Brand's latest EV is priced closer to Tesla Model S