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Yo-Auto to Work in St. Pete

ST. PETERSBURG — Yo-Auto, a joint venture between Mikhail Prokhorov's Onexim Group and Yarovit Motors, will locate the first production facility for its hybrid car models in St. Petersburg, Yo-Auto chief executive Andrei Biryukov said Thursday.

"The first Yo-Mobile will be produced in St. Petersburg in the second half of 2012," he said. The plant will have capacity to produce 10,000 of the cars a year. Biryukov did not specify the site, saying the company was in negotiations with the city administration.

Initial investment in the project will total 150 million euros ($204 million). The car's price will be 450,000 rubles ($15,360) with all options.

(Interfax)

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