Billionaire businessman cruising St. Pete in the Yo-Mobil prototype.
The long awaited Yo-mobil — the first Russian-made hybrid vehicle, produced jointly by Yarovit Motors and Mikhail Prokhorov's Onexim Group — will be presented next month at the Central Automotive Research Institute's testing center outside Moscow, a news report said Friday.
"The presentation will take place on July 4, probably at the Dmitrov proving ground," said Andrei Biryukov, chief executive of the car's manufacturer, Yo-Avto, at the St. Petersburg economic forum.
He did not comment on when the manufacturing plant in St. Petersburg would be complete, nor did he say when production would begin. Biryukov said this would be announced during the presentation, Interfax reported.
But he said the project was in its advanced stage, with the buildings and infrastructure "Eighty-five percent ready."
Onexim founder Mikhail Prokhorov is using a Yo-Mobil prototype car to get around town during the forum, Biryukov said.
The production model will use 80 to 85 percent of the technologies and components found in the current prototype, he added.
The cornerstone for the manufacturing plant was laid in the middle of 2011. Investment in the plant's two phases will total 260 million euros ($360 million). The plant will produce 90,000 cars per year. Earlier, Prokhorov said production of Yo-Mobils will begin in the second half of 2014.
Onexim and Yarovit own Yo-Auto via Luxemburg-registered City Car Investments.