X-Prize Sets Sights on 100 mpg Cars

Peter Diamandis M.D., founder of the X-Prize Foundation, has already used his innovation prize to spur the first private manned space flight; now he's hoping to use it to boost automobile gas mileage.

Today the Automotive X-Prize went live, as the foundation unveiled the contest's rules at the New York Auto show. The multi-million-dollar prize will go to the designer of a production-ready car that gets better than 100 miles per gallon.

The X-Prizes are also meant to encourage genomic advancement, and find cleaner energy sources, Diamandis tells Melissa Block.

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