Affordability is Key When It Comes to Super Fuel Efficient Vehicles,
According to a Survey by the Progressive Insurance Automotive X PRIZE
MAYFIELD VILLAGE, Ohio — November 17, 2008 — In light of higher overall gas prices, it's not surprising to find that 74 percent of drivers in a recent survey would like to buy vehicles that are super fuel efficient and get 100 miles per gallon or its energy equivalent (MPGe). Also not surprisingly, the majority would like those vehicles to be affordable.
If your definition of affordable and fuel efficient is like most people's, today, no solution currently exists.
The closest fit on the market today will only deliver 45 miles per gallon and costs around $24,000. Other cars in the works, though not yet available could get a higher MPG rating, but could cost as much as $40,000.
"Alternatives to this situation are attainable, which is what the Progressive Insurance Automotive X PRIZE is all about — inspiring solutions and spurring innovations that will move us further, faster toward developing more fuel-efficient car choices for consumers," said Brian Silva of Progressive.
The Progressive Automotive X PRIZE is a multi-million dollar competition designed to inspire a new generation of viable, super fuel efficient vehicles that offer consumers more choices. Ten million dollars will be awarded to teams that win a stage race for clean, production-capable vehicles that exceed 100 MPGe. Winners will be announced in 2010.
"Remember when pocket calculators first came out and they cost close to $400?" said Silva. "Now that the technology is readily available and mass produced, they cost about $10. That's what we're trying to spur in fuel-efficient vehicles."
Other interesting factoids according to the survey from the Progressive Automotive X PRIZE:
- When asked why they'd buy a 100 MPGe vehicle, most say to "save money on fuel costs" (81 percent); other responses include "to live a more eco-friendly lifestyle" (17 percent), "to be trendy" (1 percent), and "other" reasons, including "to reduce our dependency on foreign oil."
- Men are more likely than women to buy a 100 MPGe vehicle if one were available today (42 percent versus 30 percent).
- Drivers in the West South Central U.S. are most likely to buy a 100 MPGe vehicle compared to New England drivers who are least likely (44 percent versus 25 percent).
About the Progressive Automotive X PRIZE Competition:The goal of the Progressive Automotive X PRIZE, a product of the X PRIZE Foundation, is to inspire a new generation of viable, super-fuel-efficient vehicles that offer more consumer choices. Ten million dollars in prizes will be awarded to the teams that win a stage race for clean, production-capable vehicles that exceed 100 MPGe. Winners will be announced in 2010.
The Progressive Automotive X PRIZE will place a major focus on affordability, safety, and the environment. It is about developing real, production-capable cars that consumers want to buy, not science projects or concept cars. This progress is needed because today's oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change.
For more information about the Progressive Automotive X PRIZE, please visit www.progressiveautoxprize.org or e-mail progressiveautopress@xprize.org.
About ProgressiveProgressive, founded in 1937, is one of the country's largest auto insurance groups and a leading insurer of motorcycles, recreation vehicles, boats, and commercial vehicles. The Company offers competitive rates and innovative products and services that meet drivers' needs throughout their lifetimes as well as 24/7 online and in-person customer and claims service.
One of Progressive's Core Values is Excellence. To the Company's more than 27,000 people, it simply means seeking constant improvement. Over time, this has meant introducing revolutionary ideas that make car insurance easier to shop for, buy and use. It's this same innovative spirit that's behind the Company's sponsorship of the Progressive Automotive X PRIZE. The Progressive Automotive X PRIZE will inspire innovation that will produce more fuel efficient vehicle choices, helping to make a difference in people's lives.
Progressive's products and services are available locally through more than 30,000 independent insurance agencies in the U.S., online at http://www.progressive.com and by phone at 1-800-PROGRESSIVE (1-800-776-4737).
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Brian Silva is available for interview.
Additional data available upon request.
