Volkswagen revealed this folding electric bike at Auto China 2010. It's called bik.e (pronunciation unclear) and it looks like there are actually plans to market this thing. See it in action (after a dance number that could have been in Zoolander) in the video below.
The specs: It's got a 12.5 mile range, a top speed of 12.5 mph, and can fold down to the size of a spare tire. No word on the cost or the charging time.
Via Fast Company