The car was introduced on 13 December 2010 in Moscow, a product of a joint venture between Yarovit, owner of a small assembly plant in St. Petersburg, Russia and the Onexim investment group, headed by Mikhail Prokhorov, who is the leader and financier of the project.
[2] According to Prokhorov, he intended for the vehicle to "break the stereotype saying Russia can't produce good cars.
[7] Yo-auto initially planned to begin producing the car during the second half of 2012,[citation needed] and had aims to sell 10,000 during the first year of production.
[1] While it will be initially sold in Russia, Yo-auto planned to sell the vehicle in Europe subject to compliance with European Union regulations.
[12] In 2012 Mikhail Prokhorov presented Vladimir Zhirinovsky of the LDPR party with a gift of an advanced model of the Ё-Mobile, the ё-Crossback EV, for his 2012 election campaign.
On 7 April 2014 ONEXIM announced the transfer of Yo-Mobile technologies to the government-owned research institute NAMI for a symbolical price of 1 euro.