That's a nice article with some details I haven't seen before. It doesn't really go 120 mph. The article says it can go 120 km/h, which is almost 75 mph. That's probably fast enough for the USA. I'll bet is it slow climbing steep mountain roads. The weight to power ratio is about 80 lb/hp with the driver. Most cars have less than 30 lb/hp.
We had another thread about this car here:
VW 1 Litre, different look