An energy efficient tricycle has a frame, fork and handlebars connected to hold a front wheel and two rear wheels. A power and transmission assembly means is mounted on the frame to provide power to both rear wheels. A pair of pedals are independently operable and used to provide the torque needed to propel the tricycle. A motorized embodiment is also provided to provide additional power when needed or to completely motorize the tricycle. The pedals are mounted so that they travel in a vertical path. The handlebars, front wheel and both rear wheels are foldable to allow the tricycle to fit within a vehicle. The tricycle has a very low center of gravity. A seat is provided in one embodiment to allow a user to sit and operate using a motor.