I got the impression that it's done via an adjustable coil over shock absorber. If so, it should be more than adequate for a low cost commuter vehicle. After all, we're not talking about a race car....
Having said that, my Liege will out handle most modern cars, even on its cross ply/ bias belt tyres, but it has what I think is a similar setup, i.e. upper and lower wishbones, a vertical link holding the wheel hub and a coil over shock with an adjustable height spring platform and damper rebound. On my car it's possible to adjust camber and castor but this shouldn't really be needed on a modern mass produced vehicle like the Elio, provided they get the geometry correct in the first place, which I'm sure they will do.