MIT Media Labs is working on a new concept called “Hiriko” which means urban mobility. The new electronic “folding car” has been designed for shared ownership so users can drop it off in different locations. Think of it as one-way driving. MIT claims that most people who live in urban areas only use their cars a small percentage of the day. It makes sense to have smaller, shared cars to help protect the environment and be as economical as possible.

For parking purposes, the bubble-shaped car allows the back section to slide forward, “folding” the cabin up vertically . That means that it will only occupy two thirds of a parking space taken by a Smart Car. Other features include a single front-opening door and joystick controls rather than a steering wheel. Four independent in-wheel motors allow for separate steering. The vehicle will sell for $16,500 each.

You will see these cars on the road sometime next year. Read more about it in Engadget.

Watch the video below.