
The X1 prototype is an open-canopy electric vehicle that looks like a cross between go-cart and Indy-500 racecar. What really grabs your attention is that in a quarter-mile race, the car beat your average Ferrari. The X1 uses a 3-phase AC induction motor and inverter from AC Propulsion, which catapults it from 0-60 in 3.07 seconds flat. It features no clutch; no shifting, hence the first gear takes you to112 mph in a jiffy. Lithium polymer batteries power the electric systems and it also has a 100-mile range; an equivalent of 175 MPG. Although this is only a prototype now, X1 says that when the concept car reaches production, it will be "better
much better." However it is slated to cost around $200,000.
Source
http://www.newlaunches.com/archives/x1_prototype_races_faster_than_ferrari.php