Remember the X-Prize on Space Flight and Genomics? Now there is a similar initiative on automotive technology!
The winning vehicle will have to achieve at least 43 kilometres per litre (100 miles per US gallon), regardless of the type of fuel it uses. Its carbon emissions must be no more than 125 grams of carbon per kilometre. And it has to be cheap enough to expect sales of 10,000 each year.
The prize's value has not yet been announced, but will likely be in excess of $10 million
http://www.nature.com/news/2007/0704.../070402-2.html