It's manufactured (mostly) in the United States, which is probably pushing up the price some.
http://www.nytimes.com/2012/06/28/technology/google-and-othe...
http://www.nytimes.com/2012/06/28/technology/google-and-othe...
If us labor is 20x the expense of the alternative ($0.60 vs $12.00/hour) you'd have 16 hours of hand assembly to account for that price difference. That seems implausible to me. However, i've never manufactured stuff, so what do i know.