Here's a pretty detailed video interview about the Edison2 Very Light Car:
Automotive X-Prize: Edison 2 - Engineering TV
The suspension is inside the front wheels, and on the rear, the strut tube pivots to provide the suspension travel. The wheels weigh 6.2 pounds each (aluminum, carbon fiber, and magnesium) and they hope to get them down to 6 pounds, at least. The engine is a 250cc motorcycle engine, with proprietary packaging, and the transmission is custom made. It burns ethanol, which the X-Prize rules let them burn 1.5 gallons as an equivalent to gasoline. They plan on using a 5 gallon fuel tank to get over the 200 miles range -- the 3 gallon tank size would not do this.