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Behold The Hyundai Uni Wheel. Transportation May Never Be The Same
(cleantechnica.com)
This is a most excellent place for technology news and articles.
It's not suspension. It compacts down the differential and cv joint (linkage from the engine to the wheel).
It compacts the whole drivetrain, from engine to the wheel. The space saving they were showing was mostly from the miniaturization and splitting of the motor.