The original 3 wheelers were built to provide a low cost fast car for people who perhaps lusted after a bugatti, but had a more limited budget. They benefitted in terms of tax etc.
This could be a sound business model for a revised 3 wheeler, as said a low cost 'smart' engine 3 cyl turbo with low weight and low emissions would have minimal tax burden and still be fast and fun.
Whether there is a market for low cost 'toy' cars remains to be seen. The original 3 wheeler was still an expensive thing to an average man in the street and car ownership was still for the few in those days. Thee days a cheap fast car will be uninsurable for the young demographic, and would effectively be a 'toy' - e.g. a track machine. All exciting but would this really have a wide enough appeal to sell in the small numbers MOrgan would need. Track cars are a tough market to get into - anyone taking on caterham is going to have a tough job after all.
If you go the other way to the 'mass' market - or at least mass appeal market. You could look at a 3 wheeler as an envrironmentally sound, quality and traditional materials but reasonably priced 'citycar' for the citydweller with style (and a decent budget). This perhaps that has the best overlap of Morgan ethics and existing Morgan customer base along with the possiblity for a low volume high cost product built by craftsmen in the traditional Morgan way. How you make such a thing enclosed, practical, EU crash tested, 3 wheeled and recognisably a Morgan, I'm not sure - great challenge though.
Just thinking out loud so feel free to ignore me! Good luck
