Hybrid cars will now be made in Russia under the company name Yo, according to the Associated Press. The Russian New Jersey Nets owner will start the company.
Mikhail Prokhorov made the announcement on Monday and said that the Yo brand cars will be sold by 2012.
The multi-billionaire said he hopes to sell the gasoline-electric powered vehicles for around $10,000, according to the Wall Street Journal.
Prokhorov told AP that he hopes the company can “overcome existing stereotypes” about poorly made Russian-manufactured cars.
Prokhorov is going to spend around $200 million to set up the project. Nearly all of the car parts will be made in Russia.
The company’s symbol is a Cyrillic letter, pronounced “yo,” which looks like an “E” with two dots on the top.
According to the Journal, the company wishes to sell the vehicle in the European Union, with plans to make around 10,000 models in its first year.
The car will reach a maximum speed of 81 miles per hour and will get 67 miles per gallon, the Journal said.
Mikhail Prokhorov made the announcement on Monday and said that the Yo brand cars will be sold by 2012.
The multi-billionaire said he hopes to sell the gasoline-electric powered vehicles for around $10,000, according to the Wall Street Journal.
Prokhorov told AP that he hopes the company can “overcome existing stereotypes” about poorly made Russian-manufactured cars.
Prokhorov is going to spend around $200 million to set up the project. Nearly all of the car parts will be made in Russia.
The company’s symbol is a Cyrillic letter, pronounced “yo,” which looks like an “E” with two dots on the top.
According to the Journal, the company wishes to sell the vehicle in the European Union, with plans to make around 10,000 models in its first year.
The car will reach a maximum speed of 81 miles per hour and will get 67 miles per gallon, the Journal said.
