A foldable tricycle that transitions between a use orientation, and a transport or storage orientation. The tricycle has a frame including a first end and a second end of the frame, a fork rotatably connected adjacent the first end of the frame, a front wheel rotatably connected to the fork, and a handlebar assembly coupled to the fork to allow for steering of the fork. The tricycle also has first and second rear wheels adjacent the second end of the frame in the use position. The rear wheels are positioned a first distance from a longitudinal axis of the frame in the use position. The first and second wheels can be transitioned to a storage position adjacent the first end of the frame and at a second distance from the longitudinal axis of the frame in the storage position, wherein the first distance from the frame is greater than the second distance from the frame. The tricycle may also have a folding assembly pivotably coupled to the second end of the frame at a first pivot location. As such, the first and second rear wheels may be connected to the folding assembly to simultaneously transition the first and second rear wheels to a storage position with the folding assembly.