To paraphrase an old anti-drug campaign, one of Russia's wealthiest men is just saying "nyet" to building what would be the country's first home-produced hybrid-electric vehicle. Mikhail Prokhorov's Onexim Group, which first announced the Yo-hybrid line of vehicles in 2010, is walking away from the effort. Onexim is selling the company to the state-owned Nami Institute for a grand total of 1 euro, according to RT News.

The disposal is likely a result of the combination of rising development costs and Russia's weakening automobile market. Onexim is said to have already spent 100 million euros ($138 million) on research and development, with estimates that completing the project would cost somewhere in the 450-million euro ($621-million) range. All that for a car that was expected to sell for as little $10,000.

Onexim first set a 2012 date for the hybrid's public debut and Prokhorov said the company's St. Petersburg factory would be able to crank out as many as 90,000 Yo-hybrid vehicles annually. Instead, the project was pushed back that year to early 2015. Last year, production estimates for the model, which was designed to get 67 miles per gallon and have a top speed of 75 miles per hour, were cut in half.

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    • 1 Second Ago
      • 1 Year Ago
      They could sell the patent to somebody out of russia and still keep the patent for only russia. I think that it is high tech technology. Im not interrested to buy but at 10 000$ i will go take a look at it at the international montreal auto show next year for 14$ that is 10x the price of the compagny
      • 1 Year Ago
      Looks like they lost the race AGAIN due to sub par electronics. Go figure, even a $10k POS car was a pipe dream.
      • 1 Year Ago
      1 Euro...could have been worse. He got 50 times more than if he had to sell for one ruble.
      • 1 Year Ago
      Rich guys, next time ask me before throwing away 100 million. I said before.
      Actionable Mango
      • 1 Year Ago
      I'm curious why it is a Euro being used if it's a Russian tycoon selling a Russian company to a Russian-state-owned institute?
        • 1 Year Ago
        @Actionable Mango
        Because he doesn't want any of those worthless Rubles. ;-)
      • 1 Year Ago
      It was struggling as is . . . but with the current dispute with Russia, Ukraine, and the rest of the world, they probably realized that no one outside of Russia would now buy this vehicle. DOA.
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