Billionaire unveils Russia's first hybrid car (w/ Video)

Russian billionaire Mikhail Prokhorov on Monday unveiled a new hybrid car that is due to come on the market in 2012, a first in a country where motorists often show scant regard for the environment.

The E-Mobile is a joint venture between Prokhorov's financial holding company Onexim group and the carmaker Yarovit-Motors. The hybrid operates on a combination of electricity and petrol (gasoline).

Mass production is due to be launched in the second half of 2012. The maximum price per unit will be 450,000 rubles (14,500 dollars), said Andrei Biryukov, the director of E-Auto.

The company's symbol is the Russian letter "Yo" written as an 'E' with two dots on top.

Biryukov said total investment will amount to 150 million euros (200 million dollars) for the construction of the first assembly plant.

The group expects to produce 10,000 units annually. Three prototype models were unveiled on Monday -- a two-door car, a mini-van with five seats and a small cargo van.

The new car is in line with President Dmitry Medvedev's call on business to innovate and help the country economy wean itself of a reliance on hydrocarbons for energy and transport.