Mikhail Prokhorov, the Russian billionaire, has been hitting the headlines regularly this year for all the right reasons. He was in the news earlier in the year when he bought a majority stake in the basketball team New Jersey Nets. He had said at the time that it was a strategic decision and part of his plan to expand his business interests in the US.
Prokhorov has been very active with his businesses and has recently introduced a new line of hybrid cars he has named Yo. If he can maintain his schedule he hopes to start selling them commercially in 2012. The prototype of the car he introduced will run powered by both gasoline and electricity. Prokhorov said that he had two objectives in mind while developing the car. Firstly he felt that it is a socially important product and secondly he wanted to overcome the stereotype that Russians can’t make normal cars.
Yo will be sold in three models – sedan, sporty and a small truck. Prokhorov is confident that they will be able to price it competitively at around $10,000. The name will be written in Russian on the vehicles. In Russian Yo will be written with the letter E with two dots over it.