Russian Billionaire Launches Hybrid Cars
Mikhail Prokhorov, the Russian billionaire perhaps best known in the U.S. for purchasing The New Jersey Nets NBA franchise, is launching a line of hybrid vehicles, named Yo, in Russia this week.
Prokhorov said Monday the cars, powered both by gasoline and electricity, are "socially important products" that he hopes will "overcome existing stereotypes ... that Russia cannot make normal cars."
The vehicles are to be sold in three models - sedan, sporty and a small truck - with an expected price of around $10,000 (€7,550).
The name is written in Russian by the letter E with two dots over it.
There are no plans to introduce the cars to the U.S. Eastern Europe still has much lower standards than the West for safety and emissions standards, so the cost and difficulty of entry into the Russian market is much lower than in the U.S.