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Bricklin Finds More Funds for Chery

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Bricklin Finds More Funds for Chery

By Global Auto Systems Staff

February 16, 2006

Chinese automaker continues to move ahead with U.S. entry plans.

NEW YORK—Malcolm Bricklin said his Visionary Vehicles, which hopes to begin importing cars next year from China’s Chery Automobile, has secured $225 million in additional funding. Bricklin said the company expects to announce a full network of 125 U.S. dealers by May.

Bricklin, the entrepreneur best known for importing the inexpensive Yugo in the 1980s, has been touting Chinese cars and the Chery brand for more than a year. Bricklin has disclosed ambitious plans to sell a broad range of attractively priced vehicles, including hybrid gas-electric models, and eventually to assemble the Chinese designs in North America.

The new funding is coming from Atlantic Pacific Capital, an investment banking firm. In an interview with Reuters, Bricklin said the money will be used for product development at Chery.

Visionary still has not chosen a brand name for the Chery vehicles it hopes to sell in North America. General Motors has threatened to sue, claiming the Chery name is too close to its own Chevy.

The company plans to sell a range of vehicles that includes a sedan, a crossover vehicle, a sport-utility vehicle, and a sporty two-door with a retractable hard top, with prices starting under $20,000.

Link: http://globalautosystems.com/index.php?opt...id=257&Itemid=2

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The company plans to sell a range of 1/18th scale vehicles that includes a sedan, a crossover vehicle, a sport-utility vehicle, and a sporty two-door with a retractable hard top, with prices starting under $20.00.

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