BNO News (Moscow) - Russian automobile manufacturer Yo-Auto on Tuesday announced that it will be offering the country's first hybrid vehicle late next year.
The company's billionaire co-owner Mikhail Prokhorov spoke on national television on Tuesday to confirm that the first Yo-hybrid is scheduled to come out on sale in December 2012. Prokhorov had said in previous announcements that the goal is to manufacture and offer an eco-friendly vehicle for under $10,000.
The first Yo-mobile manufacturing plant, which is located near the Russian city of St. Petersburg, is estimated to have an annual production capacity of around 45,000 vehicles. However, the capacity is expected to double after the second stage of the plant's construction is completed.
The high-profile billionaire, 46, announced earlier this month that he will take part in next year's presidential election and challenge Prime Minister Vladimir Putin. Prokhorov is considered to be Russia's third richest billionaire with a net worth of approximately $18 billion.
Despite his political plans, Prokhorov plans to carry out his business projects as planned. "I have a very strong team and a highly-skilled and professional staff," Prokhorov said, as quoted by RIA Novosti. "All the projects I announced in business will be implemented in full."
Prokhorov made his fortune in metals and banking, but he is also well known as the owner of the New Jersey Nets, which he bought in 2009.
