This makes a lot of sense for a run around town and short commute car. It specializes for that use case perfectly. I can see a world where families have one decent gas/hybrid car and one cheap EV. That set up could save a lot of gas money over time while meeting the needs of the household.
Also, when is the last time an economy car/truck looked this good? The slate is beautiful.
I think it has a real shot if it arrives as promised, but we know how these things go.