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Mikhael Prokhorov hands over the keys to his Yo-mobil hybrid vehicles to the Russian government For €1

Prokhorov, billionaire industrialist and owner of the ONEXIM group has done a deal with the state-owned NAMI institute to take the technology and development rights for the cars off his hands for the token sum of just a single Euro.

 Mikhael Prokhorov ; Photo source https://flic.kr/p/6tZVHE

Michael Prokhorov did not become one of the world’s wealthiest tycoons by letting his heart rule his head. That may well explain the reason why the ONEXIM group, which he warns, has just sold off the technology and development rights for the Yo-mobil range of hybrid powered vehicles for just a single Euro.

The “lucky” recipients of Prokhorov’s generosity are the Russian state owned and operated NAMI institute who will not only gain access to the more than 200, 000 advance orders that ONEXIM have booked for the choice of three vehicles which have been under development since 2010. However in the face of having to finance development costs which could reach as high as €500 million  before a single vehicle rolls off the production line, ONEXIM have ultimately decided that the auto industry is not for them .

According to a recent press release issued by the company, they have already invested in excess of €100 million in development costs, which they are prepared to write off.

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The press statement also went on to add that  the Yo-mobil range of hybrid powered vehicles will be fitted with one of the world’s best electric transmissions, backed up by the latest development in super condensers, while the car bodies and chassis have been designed to take advantage of all the latest developments in lightweight but exceptionally durable materials.

According to Andrey Ginzburg CEO of  Yo-mobil all of the technological developments which our team managed to integrate into the vehicles, which were presented in the final prototypes that were released last in the summer of last year were very well received by industry experts.

“Since the prototype launch Yo-mobil have received a d a number of offers from foreign companies to buy the project and its separate development,   however would prefer to pass the development information gathered to NAMI, with whom we have had a long-term working relationship and we are convinced that the development will receive broader applications in further development for both domestic automobiles, and cargo and public transport if it remains in the hands. ” Ginzburg summed up.

Yo-mobil’s  “environmentally-friendly” hybrid car was planned to be powered by an internal combustion engine and an electric motor, which would be  be fuelled by either gasoline or gas. Initial plans were to launch the range of vehicles at the exceptional opening competitive opening price of  around $10, 000, which,  with the low fuel consumption figures promise would have made for a serious player in the hy-brid vehicle sector in Europe, as the advance orders taken further indicate.

Prokhorov initially funded the development of three Yo-mobil prototypes a hatchback, a small commercial vehicle and a cross-coupe. Initial plans were that production of the vehicles would get underway sometime   in 2012, which was then put off  till 2015. Early this year Yo-Mobil  announced that production had been postponed indefinitely.

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Mikhail Prokhorov graduated from the Moscow Finance Institute in 1989, beginning his professional career in  a management position at the International Bank for Economic Cooperation, later moving to the MFK bank when he served as head of the bank’s Management Board.

Prokhorov left MFT to form the Onexim Bank with college friends and Alexander Khloponin and Vladimir Potanin

In 1992, at the age of 27, Prokhorov went into partnership with Potanin to form Interros, through which they acquired of Norilsk Nickel,  which went on to become one of Russia’s largest nickel and palladium mining and smelting companies.

Mikhail Prokhorov is estimated to be 32nd richest person on earth as well as a one of its most “eligible bachelors”, living a  true jet setting  lifestyle with homes in United States and Russia as well as his own private island in the Seychelles,  which he can get to from one of his two corporate jets or  either of his two luxury yachts.

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