Article is light on details but from looking at the photos it uses hub mounted motors. Hub mounted motors are a big controversy in the EV conversion community because....well they don't really work. A hub mounted motor needs to make all the torque to move the car at the hub, no gearing in between. Think about your gas engine and the transmission and then the final drive ratios all working together to turn the 200 ft-lbs or so into 1000+ ft-lbs at the tires themselves. Well good luck getting that with a hub mounted electric motor. There are a bunch of articles like this and lots of promises, but no hub mounted motors that you can actually buy (outside of motorcycles/scooters). It's just such a huge engineering challenge. Not only that but the hub is subject to the most abuse of the entire vehicle. The hubs are unsprung so they experience the most g-forces from bumps and potholes, they get splashed by puddles and mud, etc.
Also $5000 is extremely optimistic. Right now you can't get a battery for $5000 that will power a vehicle 62 miles. That number is just plain wishful thinking.