Billionaire Prokhorov Wins Putin Backing for ‘High-Tech’ Car

Mikhail Prokhorov, Russia’s richest man, won backing from Prime Minister Vladimir Putin to develop a new “high-tech,” low-cost car for city use.

Prokhorov pitched the idea of his ONEXIM Group producing an “entirely new kind of car” during a meeting with   Putin today, said Dmitry Peskov, a spokesman for Putin, by phone.xml:namespace prefix = o />

Putin told Prokhorov to agree “quickly” on the details of the project “with relevant ministries,” Peskov said.

ONEXIM spokesman Igor Petrov said he couldn’t comment immediately.

The project would be Prokhorov’s first in automaking. The 44-year-old bachelor made his fortune in banking   before investing in OAO GMK Norilsk Nickel with former partner Vladimir Potanin. Prokhorov, whose assets   include stakes in United Co. Rusal and Renaissance Capital, is awaiting approval to buy the New Jersey Nets   from the U.S. National Basketball Association.