First hybrid car for Russia

Due to come in the market by 2012, the hybrid will operate on a combination of electricity and petrol (gasoline or natural gas) and is a joint venture between Prokhorov's financial holding company Onexim group and the car-maker Yarovit-Motors.

As proposed, the car will be named the 'E-Mobile', in which the company's symbol is the Russian letter 'Yo' written as an 'E' with two dots on top. Claiming to be lighter in weight than the Toyota's Prius, the also car aims to offer a better fuel efficiency of 28.48 kmpl.

Andrei Biryukov, the director of E-Auto, said that the total investment will amount to 150 million Euros (200 million Dollars) for the construction of the first assembly plant. The group also expects to produce 10,000 units annually. Three prototype models were unveiled, a two-door car, a mini-van with five seats and a small cargo van.

Mikhail is the 39th richest man in the world, also he is pals with Jay-Z and has recently bought 80% stake in the ailing New Jersey Nets basketball team, however, he has no experience in the auto industry. We hope this hybrid car turns out to be quite a treat.