Russian billionaire and presidential hopeful Mikhail Prokhorov on Monday, Feb 20, unveiled plans to build the second hybrid Yo-mobile plant in the Russian Far East, RIA Novosti reported.

“The next Yo-mobile plant must be built in the Far East to develop local innovation production,” Prokhorov told a press conference, adding the move was necessary to show that “we have something to demonstrate in relations with both China and Japan.”

Russia's Yo-Auto plant, co-owned by Prokhorov, is expected to offer its first Yo-mobile hybrid cars for sale in December 2012. The annual production capacity of the first Yo-mobile plant near St. Petersburg is estimated at 45,000 cars. Capacity will be doubled after the second stage of the plant is built.

A Yo-mobile features a maximum speed of 75 miles per hour (120 km/h), a cruising range of 249 miles (400 km) and an estimated fuel economy rating of 67 miles per gallon (30 kilometers per liter).

Yo-Auto promotes the vehicles as "environmentally friendly, energy-saving autos for daily operation in the city, powered by both gasoline and liquefied gas."

Prokhorov has said he wants to make a unique eco-friendly hybrid car that would cost less than $10,000.