The space agency said the project was designed to develop new technologies for vehicles both on the Earth and in space, Wired.com reported.
The buggy-like MRV has four liquid-cooled wheel modules, each of which can turn 180 degrees, allowing it to drive laterally and drift around corners.
As each wheel turns independently, the buggy is very agile. In a video, Nasa showed a human operator drifting the vehicle into a tight parking space. The car can also drift sideways around roundabouts.
Everything the vehicle does is controlled by a computer, with inputs being converted into electrical signals and then sent through wires to its motors.
The vehicle uses a fail-safe second motor and second computer that can take control if the primary system stops working.
Weighing 900 kg, the vehicle has a top-speed of 60km per hour and can drive up to 100km on a single battery charge. It can be driven using a steering wheel or a specially designed joystick.
The MRV can also be driven by remote control or operate autonomously. The MRV's tight controls make it ideal for driving in cities.
This two-seater vehicle was designed to meet the growing challenges and demands of urban transportation.
"The size and manoeuvrability of MRV gives it an advantage in navigating and parking in tight quarters," Mason Markee, a mechanical engineer working on the project, was quoted as saying.
Nasa said the technology was developed for use both in space and on the Earth.
In future, MRV technology could be used on manned missions to the moon, Mars and asteroids.