Yo-mobile granted to the State-Owned R&D Company
Moscow, April 7, 2014 – ONEXIM Group announced signing an agreement with the “Automotive and Car MotorR&D Institute” – a Russian State Scientific Center(“NAMI” for short) on donating basic technical documentation for Yo-Auto, presented in St. Petersburg in Summer 2013. As a result of three years of work, the Yo-Auto team offered one of the world’s best solutions for electric transmission, latest super capacitor engineering designs, and a unique cabin structure using modern materials.
“All technological solutions developed by our team and approved as part of the final prototype presented last Summer, were highly acclaimed by the industry professionals. We got a number of offers from Western companies on buying the project and its individual components. However, given the new economic situation, the Yo-Auto platform could and should be used for other purposes. We’ve been working with NAMI for quite some time now, and realize that our technical designs could enjoy wider use in further development of cars, trucks and public transportation.”- said Andrey Ginsburg, CEO of Yo-Auto.
“Given the current economic situation, based on the sharp deterioration inthe car market, it was no longer possible for us to implement the Yo-Auto project with profit on the originally agreed terms. It was caused, in the first place, by the growing capital and operational costs as a result of Euro strengthening and, subsequently, by the inevitably growing final cost of the car. With a rapid decline in demand, we can no longer rely on the prospect of car sales volume as provided for by the project and necessary to ensure economic self-sufficiency. All this, along with further complications and rise in the cost of (investments) made a negative impact on the fundamental financial indicators of the project.” – commented Dmitry Razumov, CEO of ONEXIM Group, on the agreement.