Mikhail Prokhorov’s Automobile Venture

The richest man in Russia, Mikhail Prokhorov is hoping to become the newest owner of the New Jersey Nets NBA franchise, but he is also planning to release a new car through Onexim Group. The ambitious tycoon’s project is reportedly an “advanced technology vehicle,” which can either mean that the car will be a hybrid or perhaps a completely electric ride.

His project will be built in Russia’s Yarovit Motors, and Onexim is putting down an estimated $141 million investment to get the project going. The ultimate goal is to put this vehicle on the road for the low price of $12,500 each, causing it to compete with brands like Volkswagen and General Motors.