I wonder if you guys have seen the Peugeot Citroen Hybrid-Air vehicle, not really related to EV's but it's still competition, even though it uses gas.
It seems like a promising idea and they're predicting 81 MPG city driving, and combined may reach up to 117 MPG. Much more efficient than the current Electric-Hybrids (Prius, etc.) we have.
I also think it will be cheaper and most likely; more reliable in the long run compared to Hybrids and EV's since it won't be using batteries and most of it will be mechanical and most likely cheaper to repair or replace compared to batteries, which go for thousands of dollars.
Check it out: http://www.triplepundit.com/2013/02/peugeot-citroen-unveiles-latest-effort-run-cars-air/