Russia’s richest businessman, Mikhail Prokhorov is planning to launch production of a new low-cost city car in Russia.
Mikhail Prokhorov’s Onexim Group will produce the “entirely new kind of car”, which could be either a hybrid or an electric vehicle.
Russian media are saying Onexim will use “advanced technology” for the new car and that the design is still in the works.
If it does launch, the new car will have to compete with established automakers including General Motors, Volkswagen and Mitsubishi.
Prokhorov has no experience in the automotive business, the project would be Prokhorov’s first in auto making. According to experts, despite the fact that currently Onexim has a good financial base, such a project can only be implemented with the financial support of the state.