Malcolm Bricklin’s Visionary Vehicles announced that it is delaying for the third time its plans to import Chinese-built cars to the U.S., this time to late 2008 or early 2009. Bricklin originally was planning a U.S. launch of Chery Automobiles in January 2007, and later moved that date to summer of 2007. Then the date was pushed to the end of 2007. Bricklin has only signed 50 dealers, well below the 250 dealers he targeted for launch in the U.S.

Visionary Vehicles is still working on finalizing the joint venture with China’s Chery Automobile, with Chery holding 60 percent and Visionary holding 40 percent. The joint venture agreement between the two companies now expected in October or November.

Bricklin’s original plans for Visionary Vehicles was to import cars in the low end of the market, but it is now to compete with top-line luxury brands such as BMW, Audi and Mercedes, which would be priced from $15,000 to $45,000. Visionary plans a line up of 20 models, with the first car coming at the end of 2008 or early 2009 and a new car launched every 3 months after that.

## Source: Reuters ##

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