Summary. Volkswagen is reported to begin selling their L1 concept car in 2011 for $600 in China. The two passenger vehicle gets 258 MPG.
These reports are coming from reliable sources, like ABC News (see video below), but some sites like Truth or Fiction suggest the $600 price tag is incorrectly reported. Considering that the official VW website has news reports about the vehicle, the story seems to have some validity to it.
The fuel efficiency is reported on a variety of websites as being anywhere from about 150MPG to 258MPG. This would be a step up from the existing 50 MPG VW cars currently on the road. Although, a competing vehicle, the Aptera, claims to get 330 MPG. Another competitor is the Tata Nano, first released in 2008, that costs $2,500 and can accommodate four passengers.
Video. Below is a video from ABC News about this amazing car.