This is much like the Tata Nano, the one-lakh car.[1] Although very cheap, it did not sell.

[1] https://en.wikipedia.org/wiki/Tata_Nano

The Olina isn't targeting the same market as the Nano.

The Nano tried to be a household car but failed because a 6 person household (2 parents, 2 grandparents, 2 kids) would also need trunk space.

On the other hand, the Olina is trying to replace mototaxis and three-wheelers.