Magna’s billionaire founder is looking to build a single-seat EV

According to media reports, billionaire founder of Magna, Frank Stronach, is looking to build a series of three-wheeled, single-seat electric vehicles for the Greater Toronto Area.

The SARIT (Safe Affordable Reliable Innovative Transport), Stronach emphasized, will “change transportation in the world.”

With a design that looks like a golf cart and functions like an EV bicycle, the SARIT is reported to reach maximum speeds of 32 KM/hr and is small enough to fit in Toronto’s bike lanes, making it the perfect method of transport for major cities like Toronto.

Magna has also recently announced its intent to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally.

“While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Magna CEO Swamy Kotagiri. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight against climate change. This ambitious – and achievable – goal is rooted in a science-based approach that aligns with the Paris Climate Accord and places us among industry leaders in Europe and North America.”

In 2020, 12 per cent of Magna’s global energy buy was from renewable energy sources, and plans are in place to transition all operations globally to renewable energy sources. In addition, more than 91 per cent of total waste outputs last year from operations were recycled or otherwise diverted from landfills.

At the same time, the company remains focused on delivering products that help customers achieve their own sustainability goals, including reaching a zero-emissions future and improving fuel economy. Such products include a suite of e-powertrain solutions, active-aerodynamics, and lightweight structures and exterior components.