To be fair, this was built by a toy company, who also makes things to the likes of Power Wheels toys or whatnot. It was never intended to go particularly fast or be particularly powerful, and most of the cost was probably from the fact that Tesla had input on the design.

I cannot be sure what kind of motor is actually used in it but the "crappy brushed escooter from 2000s with lead acid batteries" style of motor is far too obvious to ignore in the videos I've seen of this.