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Early this year, we learned that Russian billionaire Mikhail Prokhorov had initiated a project, backed by the government, to mass produce the world's cheapest hybrid vehicle. It's an ambitious plan, one that calls for construction of a plant in the Russian city of Togliatti starting in January 2011. Prokhorov's investment, a mere €150 million ($208 million U.S. at the current exchange rate), will supposedly fund construction of the plant and the hybrid, but we remain skeptical.

European 2011 Honda Jazz Hybrid – Click above for high-res image gallery