RUSSIA’S PLUG-IN HYBRID

Prokhorov Venture Plans Russia’s First Hybrid Car
Maria Ermakova and Anastasia Ustinova (w/Jim Silver, Jerrold Colten), April 12, 2010 (Bloomberg News via BusinessWeek)

"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…"

Translation: All the coolest toys. Click thru for more.

"The venture will set up several production facilities in Russia and abroad…It will begin building the first factory in January 2011 and expects to…[start production] in mid-2012…

"Prokhorov, Russia’s second-richest man, whose business interests range from gold mining to a U.S. basketball team, last month won approval from Prime Minister Vladimir Putin to build one of the planned electric car factories in Togliatti, where state-run automaker OAO AvtoVAZ is based. Putin has vowed to support new high-tech projects and scientific research, as he wants to wean the world’s biggest energy producer off its fossil fuel dependency."

Translation: Roomy enough for an oil drilling rig. Click thru for more.

"Andrey Biryukov, president of the Yarovit holding company, said the new car will weigh about a third as much as…[Russia’s smallest car] and will cost between 300,000 rubles ($10,300) and 450,000 rubles. In the beginning, the car will run on both normal gasoline and methane…

"Prokhorov’s new venture will compete with companies including Daimler AG’s Mercedes-Benz unit, General Motors Co. and Renault SA, which also have said they will offer electric vehicles."