This tech demo was shown at the Space World 2000, along with other GameCube tech demos (as the Perfect Dark and Banjo Threeie ones), just to have a look at the graphic power of the new Nintendo console. This was probably never meant to be a complete game, but just a bunch of 3D cars to let people know that there would have been racing games for the GameCube with this kind of graphic details.
Images:
Videos: