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The X Prize Foundation, best known for its competitions promoting space flights, is offering $10 million to the teams that can produce the most production-ready vehicles that get 100 miles per gallon or more.

The foundation was to announce the size of the purse and its sponsor, Progressive Casualty Insurance Co., on Thursday at the New York International Auto Show.

More than 60 teams from nine countries have signed up for the competition so far, including California electric carmakers Aptera Motors and Tesla Motors, German diesel carmaker Loremo and a team from Cornell University.