I’ve seen some concept bikes that appear to simply showcase a novel idea without much practical application(e.g. rim drive wheels). The Ford bike actually looks like a fairly practical project.
It’s an e-bike, which is utility transport for people who want to get from A to B every day without too much effort or cycling expertise, so motor assist, concealed electrics, belt drive, hub gears and composite wheels are all sensible design decisions. Style and looks are likely to be secondary requirements for the target market. It doesn’t have all the finishing kit to make it workable, like mudguards and racks, but it’s a concept, not a commercial product.
Who would want to buy such a thing? According to wikipedia, 700,000 e-bikes sold in Europe last year, 120 million e-bikes currently in use in China, and the market is growing quickly.