This price is quite doable with a low voltage system(Say, 48V). I think they should try to make a streamliner though, considering aerodynamics is the least expensive way to add range. If half the cost of the car were to be in batteries, that would be a roughly 10 kWh pack of LiFePO4. With careful attention to efficiency, 100 miles range at 100 km/h could be possible on that. Keep the weight under 1500 lbs, and a 48V/650A AC setup could accelerate quite nicely. If it ended up with a CdA comparable to the Loremo AG, it may even have a continuous top speed of 90+ mph on flat ground without overheating the motor. Of course, it wouldn't come close to the efficiency of Cedric Lynch's recumbent motorcycle which only needs about 30 wh/mi to do 100 km/h. But figures of 100 wh/mi at highway speeds ARE possible for a 4-seater sedan. The Solectria Sunrise proved that in 1998. A cheap Chinese equivalent of a Solectria Sunrise would be the shit.
Without mass production, this $7,800 microcar will never happen. With it, it's not impossible. And I highly doubt this $7,800 microcar will approach anything close to those specs I mused about above, because its shape that tries to emulate a SMART car is terrible for aero. They should have looked to the Solectria Sunrise, GM Ultralight, Daihatsu UFE-III, Loremo AG, and other nicely-efficient cars for inspiration. This technology does offer wonderful possibilities with the car designed from the ground up as an EV to be an EV with good range and low cost, and not mimic the same tired old inefficient 3-box designs used in most ICE cars.