well, it's not electric. it's air-powered. compressed air. http://www.tweaktown.com/news/33313/indian-car-maker-shows-off-air-powered-car-the-airpod/index.html
Air is a terrible way to store energy. The electricity to create compressed air is far greater than you would get from just putting it in a car's high capacity batteries.
Hey, $1 per 100 miles is very competitive with the cost of running an EV. Now if they could make a larger version with a higher top speed, it might become a good option.