Russia's Richest Man Given Putin's Blessing to Produce Electric Cars

Car said to be a VW Golf-class sedan that uses plastic body panels with a target price of 8,800 Euros (US$12,400).

Published: 20-Jan-2010

MOSCOW - Russia's richest man, Mikhail Prokhorov won early backing from Prime Minister Vladimir Putin for his plan to start mass production of electric cars, Putin's spokesman said on Tuesday.

Russia is seeking to modernize its commodity-based economy, which was hit hard by the global crisis when energy prices fell, and wants to achieve growth in technology sectors where it believes it may have some competitive advantage.

Prokhorov, a gold-to-basketball entrepreneur who sold some of his most lucrative assets just before the crisis, is sitting on a cash pile he is ready to invest. He has previously demonstrated strong interest in technology.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

Camille Jenatzy was first to break 100km/hr speed barrier in his 1899 electric car, La Jamais Contente.

Former Pirelli Tire North America CEO addresses local Rotary Club.

Roadster #750 completes road trip to Detroit despite winter driving conditions and heavy snow.

Telsa will donate the full value of production car VIN 1,000 to charities.

Subaru R1e negotiating the streets of Manhattan Island, New York City.

The range limitations of most early electric cars will matter less in tightly packed urban areas, where the daily driving distance is likely to be much shorter than in the suburbs or rural areas.

READER COMMENTS

blog comments powered by Disqus