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It's notoriously hard/expensive to get a car/standard bike parking space. Even at home, and probably wherever you go if the place has any popularity. Think about parking car in Shibuya.

So a small vehicle has a real intrinsic value, not as simple as a parking a bicycle, but pretty close.

PS: Honda also makes the Monkey, which is ultra cute and pretty popular

https://www.honda.co.jp/Monkey125/

I think I've seen that Honda one around NYC. Had no clue what it was. It just looked like someone was riding a brief case and that's basically indeed what it is.

FortNine made a really great video about the Motocompacto last year! https://youtu.be/WQAe7EtVi-4

He opens with an entertaining sketch then digs into some of the history around these portable vehicle concepts.