Russian Billionaire To Produce New Hybrid Car

VOA Breaking News (Voice of America)
December 13, 2010 at 8:30 pm

Russian billionaire Mikhail Prokhorov has unveiled the prototype of what he says will be a cheap hybrid car with international appeal built in Russia.

Prokhorov on Monday said the car, which will run on a mix of gas and electricity, will come on the market in 2012 in three different models — a two-door car, a minivan and a small cargo van.

Prokhorov, who also owns the New Jersey Nets basketball team, is listed by Forbes magazine as the world's 39th richest billionaire.

The new car's symbol is the Russian letter “Yo”, written as an “E” with two dots on top.

The E-mobile is a joint venture between Prokhorov's Onexim holding company and vehicle manufacturer Yarovit.

The new hybrid is expected to sell for around $10,000.