According to Metcalfe link, this single seater contraption will be sold in Shanghai in 2010. Allegedly, the car gets 258 miles per gallon of fuel, can cruise at about 55-65mph and would only cost 4000RMB ($600.00 US). If its sounds too good to be true, it probably is because it is only partially true.

News about this vehicle have spread like wildfire over the internet, claiming that Shanghai is the future of the automobile design, and although that remains to be seen, when the fact is that this prototype was built by Volkswagen, and that VW has been working on this concept since 2002 in Germany.

The reality is that some facts have been exaggerated over cyberspace, but the truth is still pretty impressive. Volkswagen has indeed been working on a car named the L1. The vehicle has been reported to be a single seater, when it really is a two-seater, as the passenger sits directly behind the driver.

The body is super light, as it is made of carbon fiber, weighing in at just 638 pounds. To minimize weight, the body has not been painted, adding to its GT or Sports Car look. The body is flat and narrow, just 136.61 inches long and 49.21 inches wide.

The prototype has a single cylinder diesel engine (that could change for production), anti-lock brakes, driver's side airbag, and an electronic stability program. The fuel tank holds 6.5 liters (1.72 gallons), and does in fact get 258MPG and has a top speed in the neighborhood of 74MPH.

The body is made from carbon composites and is shaped very slippery, giving it a coefficient of drag of only 0.16Cd's. The average car comes around 0.30Cd's, and the Honda Insight had a Cd of 0.25. The prototype was powered by a one cylinder engine, but the production unit could be powered by a two cylinder diesel model, which means it could be powered by algae-biodiesel, and maybe even have a stop-start anti-idling feature to cut the engine when the car is stopped.

Volkswagen is calling it the "World's Most Economical car", but the price (get ready for this) is not going to be 4000RMB or $600.00 US as rumors had it. Official reports have it in the $25,900.00 price range, and that Volkswagen will be making a limited number for release in 2010.

Putting things in perspective, you could drive from Los Angeles to New York with less than 10 gallons of fuel, which will put the cost of fuel for the trip at under $30.00. Now, how do you get your luggage from L.A. to N.Y. is another story.

VW Is also working on an "Eco-Racer, a sports that can achieve 100 miles per gallon and top 140 miles per hour. Its carbon fiber body weighs in at 1870 pounds and its turbo-diesel engine accelerates from 0-60mph in just 6.3 seconds. To make the Ëco-racer" even more appealing the body style can morph between a coupe, a roadster and a speedster in just minutes! Now that's neat!