The Toyota Prius finally has some serious competition on the fuel economy front.

Ford announced today that its upcoming C-Max Hybrid has earned an EPA fuel economy rating of 47 mpg city, 47 mpg highway and 47 mpg combined.

While those numbers fall short of the 51/48/50 rating of the standard Prius, they are significantly higher than those of the larger Prius V that the C-Max more closely competes against, which is rated at 44/42/40.

The five-door C-Max Hybrid is set to go on sale this fall with a base price of $25,995. While it offers less cargo capacity than the Prius V, it has a slightly larger passenger compartment and more power, with a total system output of 188 hp compared to 134 hp for the Toyota.

A plug-in hybrid version of the C-Max called the Energi will also be available for$33,745 and Ford says it will have an EPA combined rating equvalent to 95 mpg, which beats the currently available 94 mpg Prius Plug in that sells for $32,980.

Photos: Cars that get 90 mpg