Built from a single sheet of industrial-strength hexacomb card, the frame should cost as little as 3GBP ($6), and the tiny proportion of metal parts means the bike has a projected selling price of 15GBP (about $30). For that, you get a bike that will survive about 6 months of daily commuting, or a lifetime of the kind of riding most people do.
The designer, 21 year-old Phil Bridge, predicts the design will cut bike crime by simply being too cheap to be worth pinching (currently, a bike is stolen and abandoned every 71 seconds in the UK). It also provides an opportunity for sponsorship:
"The idea was that it would be a sponsorship from a company who would produce these and get some advertising it. And once you've used it, you'd return it they'd give you another one, they'd take all the metal components out and put them into a new frame and the old frame would go back to the manufacturer."
BBC Manchester article
BBC South Yorkshire article