Company developing $11,000 micro electric vehicle

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This new electric car is called the Luvly O! It's just $11,000 and very easy to build. 'Cars today are capable of things that are super unnecessary and a total waste,' says the company who created it. The car has a top speed of about 55 mph. microvehicles

"Cars today are capable of things that are super unnecessary and a total waste," said Håkan Lutz, the CEO and founder of Luvly.

The idea is that this car is light and efficient, but also easier for factories to produce. It's been compared to an Ikea-type car. Lutz said the concept will reduce the waste of energy and other resources. The car is cost-effective and fast to build. It's made for everyday commuting in urban areas, with a top speed of about 55 miles per hour.SEE MORE: See the electric cars eligible for tax credits - and why most aren't"For its weight, it's super safe with the safety cell and the energy absorption zones," Lutz said.

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