The name represents the amount of fuel it takes the vehicle to travel 100 km (62 miles) and nominally equates to 235 mpg. In this case, based on the translation, it appears that VW might be taking some liberties with the name since it seems to take 1.49 liters / 100 km, or a mere 157.8 mpg (US).
This time around, VW used more conventional components and materials to create the tandem two-seater. A 36-horsepower two-cylinder diesel propels it along with some indeterminate degree of hybridization through a 7-speed DSG gearbox. Weight is cut to about 1,100 pounds through extensive use of carbon fiber composites, and the tandem layout helps cut frontal area to a minimum, reducing drag.