One of the top transportation design challenges! Entry opens this Sat Oct 1st and submissions must be complete by June 3rd 2012 (closed). Last time the competition drew 18,000entries from 88 countries.
Here is the entry form and challenge:
http://www.michelinchallengedesign.com/MCD_2011/mcd_how_to_enter_2013.php
Here is write up of the last competitions.
http://www.core77.com/blog/competition/michelin_announces_lightweighting_theme_for_2013_design_competition_20642.asp#mor
I am going to at least think about it and see if I can come up with something for this! I will update it here.
UPDATE:
Here is good concept already produced achieving these goals.
http://www.likecool.com/eVLC_Super_light_electric_car--Tech--Gear.html
I am going for a 6 person concept I have already started my research and sketching
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