MOSCOW - Russian billionaire Mikhail Prokhorov, the new majority owner of the New Jersey Nets NBA team, announced plans to produce a new $10,000 hybrid car for the European market, the Wall Street Journal reported.

The car will be built in Russia. Prokhorov will invest the equivalent of $198.4 million in U.S. dollars. He unveiled the car's prototype in Moscow. The car's name is the ë-mobile (spelled with the Cyrillic letter and pronounced "yo").

Prokhorov said he hopes that by 2012, Russia will produce 10,000 of the cars. The ë-mobile business is a joint venture between Prokhorov's Onexim holding company and St. Petersburg truck producer Yarovit.

The car is expected to reach speeds of 81 miles per hour and get 67 miles per gallon.