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Russian billionaire Mikhail Prokhorov has initiated a project, backed by the government, to mass produce the world's cheapest hybrid vehicle. The ambitious plans call for construction of a plant in the Russian city of Togliatti, the release of two prototype models by the end of next month and the launch of a production version in 2012. Initially, Prokhorov targeted a price of $10,000 for his hybrid vehicle, but reports now suggest that a price tag between $12,000 and $14,000 is the new goal. Eve

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