Russian Entrepreneur to Unveil Hybrid Electric Car This Year
MOSCOW -- Billionaire Mikhail Prokhorov plans to unveil prototypes of Russia’s first hybrid electric car this year as the government tries to reduce the country’s reliance on natural resources.
Prokhorov’s Onexim Group will invest 150 million euros ($204 million) in a joint venture with Russian truck maker Yarovit and roll out three electric car prototypes in December, said Dmitry Razumov, Onexim’s chief executive officer.
The venture will set up several production facilities in Russia and abroad, Razumov said. It will begin building the first factory in January 2011 and expects to ‘break even on the operational level” once production starts in mid-2012, he said.
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