German Loremo AG will introduce their ultra Efficient Car at the Motor Show 2006 (site) in Geneva next week.

The car start-up developed a light-weight passenger car with outstanding aerodynamics. The Loremo LS is powered by a 2 cylinder Turbo Diesel engine with 20 hp and 160km/h top speed. The amazing thing is that the Loremo only needs 1.5l per 100km. This is approx. 157MPG!
The Toyota Prius hybrid has only 55MPG (combined city and highway).
With one tank (20l) you could drive 1,300km.

Loremo AG plans to sell the Loremo LS for less than 11,000 Euros (~$13,000). One reason for the low consumption is the low weight of 450kg. The company designed the Loremo focusing on safety and efficiency and got rid of unnecessary functions. The car is small but still provides space for 4.
The design of the car is very futuristic and has for instance no conventional doors.

Loremo AG also plans to offer the Loremo GS with a bit stronger engine (50 hp, 2.7l/100km) that reaches top speeds of 220km/h (for the German Autobahn).
More details on the Loremo site.

Update:
Loremo to build also electric Loremo dubbed E-Loremo

Update:
Loremo AG plans to have the first cars available in 20010. They plan to ship world-wide.