However, although the reward is extremely tempting, there's no crowd on the application list, as The Detroit News announced today. Teams must sign up by the end of the month, but the event's organizers want to see entries "that are not science projects" but vehicles that can be produced.
"We're focused on cars that people want to drive and meet their existing needs," said Peter Diamandis, president and CEO of the X Prize Foundation, a group that has sought to encourage technological advances in other industries, also through awards.
The group intends to announce at the North American International Auto Show on Sunday that it is creating a "Demonstration Division" for major automakers, with the hope they will participate in the competition next year. The bad news is that they won't get a prize for winning in that division.
Even if more than 120 companies and individuals (including one rock star) from 18 countries signed letters of application, it seems that major automakers from US, Japan or Europe have not yet shown their intentions to take part in the competition. Only Indian automaker Tata Motors, which bought Land Rover and Jaguar, has officially agreed to take part in the competition among large automakers so far.
"We hope automakers will take another look at our mission and see just how closely it aligns with their goals of bringing new affordable and fuel-efficient technology to drivers everywhere," said Diamandis.
In order to get the big prize, competitors have to prove the vehicle they enter can be produced in quantities of at least 10,000 units annually. As for vehicles that don't run on gasoline, they must get the energy equivalent of 100 miles per gallon.
More importantly is that automakers can enter a vehicle that is in production or that will be produced by 2012. Thus, GM might unveil their electric Chevrolet Volt as they plan to start production late next year. Other car makers such as Toyota, Chrysler or Nissan are expected to produce electric vehicles.
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