New York: More than 60 teams chasing 10 million dollars in prize money have entered a competition designed to inspire the next generation of fuel-efficient vehicles, organizers has said.

The Progressive Automotive X PRIZE will test the vehicles in a cross-country race from September 2009 in which they are expected to achieve fuel efficiency of at least 100 miles per gallon.

Unveiling the competition at the New York International Auto Show yesterday, city Mayor Michael Bloomberg described the initiative as "an excellent example of how the private sector can spur solutions to our most complex challenges."

"The environmentally-friendly cars created as a result of this competition will affect everyone who drives in ways we can't even imagine today. Let the race begin!" added Peter Diamandis, chairman of the X PRIZE Foundation.

The foundation describes itself as a non-profit organisation aiming to bring about radical breakthroughs by holding competitions with at least 10 million dollars in prize money to solve some of the world's greatest challenges.

The competition is to focus on affordability, safety, and the environment, involving a qualifying race next year and a Grand Prize Final Race in 2010.

The winning designs will split the 10 million-dollar prize, which is sponsored by Progressive Insurance.

Four of the 64 competing teams that have already expressed interest in the race unveiled their designs at the auto show yesterday.

Other teams will be able to enter the race until the middle of this year, when competition organisers will assess safety, cost, features and business plans to ensure that only production-capable, consumer-friendly cars compete.
Source : PTI