Russian billionaire Mikhail Prokhorov will present three electric vehicle models in December for public approval, he said on Tuesday.

"If they don't like them, they can say 'we don't want these cars.' We will hold a vote on the Internet," said Prokhorov, an active blogger.

Prokhorov said he will decide where to produce the cars after the presentation.

Prokhorov wants to set up local production of a low-cost hybrid car by mid-2012. The car would cost about $10,000 and would be powered by a combined electric and gasoline engine with low fuel consumption.

Production will be as simple as possible with the car assembled from multiple sub-assemblies. Production, servicing and sales will be combined in one site.

St. Petersburg-based Yarovit Group is developing the project.

Prokhorov sold a substantial part of his assets before the global financial crisis hit and has been looking for investment opportunities. He has said that alternative energy sources could be good for investment.

MOSCOW, August 31 (RIA Novosti)