Hybrid cars, will be created in Russia under the company name Yo, according to the Associated Press. Russian owner of the New Jersey Nets will start the company.
Mikhail Prokhorov made the announcement on Monday (13/12) and said that Yo brand cars will be sold in 2012.
Billionaire Prokhorov said he hoped to sell gasoline-electric powered vehicles with a price range of U.S. $ 10,000, according to the Wall Street Journal.
Prokhorov told the AP that he hopes the company can "overcome existing stereotypes" about the poor quality of Russian production vehicle.
Prokhorov will spend about 200 million U.S. dollars to prepare the project. Almost all the cars will be made in Russia.
Symbol enterprise is cyrillic writing, pronounced Yo that looks like "E" with two dots above.
According to the Journal, the company wanted to sell the vehicles in the EU, with plans to create about 10,000 models in the first year.
This car will reach a maximum speed of 81 miles per hour and will get 67 miles per gallon, said the Journal. (Alex Johnston / The Epoch Times / val)