Cd might be worse but I highly doubt CdA is worse. 40% better than the G1 Insight is possible with some caveats, e.g. the new EPA testing is down with power accessories running and I find A/C to be worth 15-25mpg depending on the speed I'm traveling. If the Elio has a much smaller A/C compressor, that alone could partly make up for it.
I assume it's expected to ship with a CVT? The G1's CVT version got lower economy than the manual in part because the CVT's gearing wasn't nearly as tall, being one of the very early CVT designs. Modern CVTs are much better in this regard, having a far wider range of ratios.
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