It's a classic case of being priced for what it does, and not what it is.
As in the price is based on target sell for a target audience, regardless of how inexpensive the cost is in comparison.
Quite capable, going by the article.
Nice simple design, and certainly lends itself towards simple mass production.
It is spot on in terms of what EV drive should be, namely individual wheel hub motor drive, thus negating the need of distributing centralized power via a mechanical distribution system(angled gears, shafting, speed reduction gearing, differentials, etc.)