Russia’s Yo-Auto plans to sign an agreement by early next year with a Vietnamese company to create a plant able to produce 100,000 Yo-Mobile hybrid cars a year, Yo-Auto CEO Andrei Biryukov said.
“We planned to sign it in May, but have postponed it to the end of this year, maybe the beginning of the next,” Biryukov said. He did not identify the Vietnamese company concerned.
He said the state has already confirmed its intention to provide funds for construction of the plant. The Vietnamese side will also pay for a license to produce the cars.
The cars built at the Vietnamese plant will be marketed throughout Southeast Asia. As for possible future expansion of the plant, Biryukov said: “We will start with 100,000 cars and then we will reach a million.”
The Yo-Mobile is a Russian hybrid electric car featuring 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).
The main production plant will be in St. Petersburg, where annual capacity is estimated at 45,000 Yo-Mobiles a year. Capacity will double after a second stage of the plant is built.