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Monday 12 April 2021
Magna founder Frank Stronach is back with big plans for a small electric vehicle
Frank Stronach made his name and his fortune in auto parts. Now, the 88-year-old founder of Magna International thinks he has another blockbuster idea in the transportation space.
Pending a provincial land-zoning amendment, Stronach says he is hoping to break ground as soon as this month on the construction of a 60,000-square-foot facility north of Toronto, where he plans to research, produce and assemble his latest invention — a three-wheel electric single-seat vehicle slightly wider than a standard doorway.
The 88-year-old envisions the SARIT — an acronym for “Safe Affordable Reliable Innovative Transport” — as a revolutionary product.