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The performance is awful. Why did they bother?

That article misses the point of the car utterly and completely. It is a design-case of using lightweight materials in a car. Performance is completely secondary to it.

"The prototype weighs just 846kg (including the battery)"

http://techcrunch.com/2011/09/12/teewave-ar1-japan-gets-new-electric-spo...

My first reaction was same as cyteks, it does look like a copy of Roadster, but that is not the point of the car.

So what's the "point" of light weight if it still responds like a slug?

Well, they suck at making decent car, but excel in making lightweight chassis. That's like Nissan NISMO RC "racing car" based on Leaf. Looks good but is slow like a slug. Both would need someone that actually knows how to make decent drivetrain (like Tesla) to make them go.