Russian billionaire Mikhail Prokhorov has created a car company called e-Auto that plans to begin selling relatively inexpensive hybrids, according to several reports.
Prokhorov, who owns the New Jersey Nets basketball team, said the line of hybrids, called "Yo" will run on electricity and either gasoline or natural gas.
Three models are in the works: a sedan, a "sporty" car and a small truck.
The vehicles are planned to go on sale in Russian in 2012 at a price equivalent to US$14,500.
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