'Will be the future': Canadian billionaire develops one-seat electric vehicle to fight traffic woes

CTV National News: Solution for congested roads A Canadian billionaire is hoping people will ditch their cars for smaller three-wheeled electric vehicle. CTV's John Vennavally-Rao reports

toronto — A Canadian billionaire is developing a new vehicle he believes could solve congestion issues on city streets.

Frank Stronach, founder of the international automotive parts company Magna International, is in the process of developing the “Sarit,” an electric single-seat vehicle with three wheels that’s small enough to take advantage of city bike lanes.

"This will change transportation in the world,” Stronach told CTV News. “We call this the micro mobility and micro mobility will be the future.”

An acronym for “Safe Affordable Reliable Innovative Transport,” the Sarit is best described as a cross between an electric bicycle and a golf cart. Stronach believes the Sarit would be safer than a bike and can offer protection from rain and snow.

The Sarit’s speed is capped at 32 kilometres per hour to match the regulations set on electric bicycles. It is also narrow enough to fit in a bike lane and comes with a trunk to fit luggage.

"I see this as somebody using this to get around town,” said Al Sasnowski, director of engineering and product development at Elby, a Canadian electric bike company. “Short, short trips."

Stronach came up with the idea after being stuck in heavy traffic and noticing that most of the cars only had one person inside.

The vehicle should appeal to those without the luxury of a large garage, Stronach said, and with an estimated $5,000 price tag, the Sarit would be cheaper than public transit over time.

Magna has already made a significant commitment to improving its carbon footprint.

Earlier this month, the company announced it was aiming for carbon neutrality by 2030 with a plan to shift its focus more toward production of electric vehicles and to become an industry leader in electric vehicle production.

With files from The Canadian Press