British Columbia-based Future Vehicle Technologies (FVT) has announced its newest vehicle, the eVaro, which stands for Electric Vehicle with Advanced Regeneration Onboard. The company is planning to compete in the Progressive Insurance Automotive X PRIZE challenge for fuel-efficient vehicles.

The new eVaro is a plug-in hybrid electric vehicle with an onboard gas generator for extended range on electric propulsion.

The Maple Ridge company said the eVaro is similar to the Chevrolet Volt, but has better aerodynamics, lower weight, higher mile-per-gallon electric equivalent, and a greater range. The company also said the eVaro will be preferred by most customers over the Tesla and Aptera, both battery-only vehicles limited in their operating range because they have to be recharged.

"FVT firmly believes that consumers will prefer the security of a series hybrid like the eVaro," said George Parker, president of FVT. "The best thing about the eVaro is that, unlike other vehicles, it doesn’t compromise anything for the consumer. Not only is it beautiful, but it is quick, quiet, and has no emissions for the first 90 miles of driving, and most importantly, because of the onboard generator, will never strand anyone."

The eVaro is scheduled for the X PRIZE, which offers a $12 million incentive for teams to design, build and race innovative, environmentally-friendly vehicles. FVT is one of over 120 teams that have signed a letter of intent to participate.

The eVaro weighs 1,250 lbs (567 kg), goes from zero to 96 km/h in five seconds, and has a top speed of 135 m.p.h. (217 km/h).