The rear does look odd for Aero. . .
The fenders covering the rears probably help and the tires look thin enough that maybe it doesn't matter that much. It also appears the wheels are slanted outwards(?) If thats the case they may have been trying to avoid increasing frontal area with fenders that would have to come out at an angle to protect the Cd, but would detrimentally increase frontal area.
As to somewhat early on in this thread, I agree Carbon fiber ought to scale up considering There are mass production capabilities for parts that are carbon fiber.
A CF monocoque two seater with a 1 liter, with tandem seating could easily have a very low Cd, low frontal area, driveability, and incredible FE. Since its CF as long as both passengers aren't severely overweight you could get away with like a 500cc engine.
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