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The Associated Press December 13, 2010, 9:55AM ET

Yo! Russian magnate starts hybrid car company

The Russian billionaire owner of the New Jersey Nets has introduced a new line of hybrid cars -- called "Yo" -- that he hopes to begin selling in 2012.

Mikhail Prokhorov said Monday the cars, powered both by gasoline and electricity, are "socially important products" that he hopes will "overcome existing stereotypes ... that Russia cannot make normal cars."

The vehicles are to be sold in three models -- sedan, sporty and a small truck -- with an expected price of around $10,000 (euro7,550).

The name is written in Russian by the letter E with two dots over it.

Prokhorov, who amassed a fortune in banking and metals, bought a majority share in the basketball team this year.

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