Folding cars. Your parking problems are solved!

Ever tried to squeeze into an impossible parking spot? We all have, but with the latest technology coming out of the Massachusetts Institute of Technology (MIT) the impossible is becoming possible.
A BBC Business News report published this week has revealed the media lab at MIT has designed a ‘folding car’ which is being developed by a Spanish company for commercial use. The design allows for the vehicle´s length to be shrunk to a size approximately the width of a conventional car. In practical terms it will mean three folding cars will fit into a parking space designed for just one.
It´s being claimed that the highly maneuverable and sleek design will reduce traffic congestion, help cities to function better and triple car parking capacity in high-density areas. Did I mention it is an electric car, which is obviously a great result for the environment!
The concept is also being hailed as a potential success story for the burgeoning car-share industry, allowing more shared cars to be available at convenient locations, meaning greater access for customers which (it is hoped) may lead to reduced car ownership.
The question remains; are consumers ready for the technology, or more specifically a dramatic change in mindset?