Interesting that the Miata has come up a couple of times - they start at $23.5k. Seems like one would definitely cross shop the two. The Subayota has more power, is a coupe rather than a convertible and has not been on the road for 20 years. However, the last fact may well steer some more sensible buyers away from the Subayota for a few years until the inevitable bugs are worked out.
Also, despite what everyone may think on this board, a significant number of shoppers will cross shop this thing with a Civic Si, which starts at $22.2 and has a real back seat. They will also cross shop other larger cars such as the Genesis and V6 Stang.
The target demographic is "affordable and fun to drive" and that means vastly different things to different people. Some will tend towards the sports car side of the equation (Miata) and some will tend towards the straight line speed (Stang/Genesis).