• Jun 17th 2006 at 10:36PM
  • 12

George Soros is said to be looking at investing $200M into Chinese automaker Chery to help its efforts in exporting low-cost vehicles to the United States. How this dovetails into Malcolm Bricklin's efforts to do the same with his Visionary Vehicles company is not yet clear; Bricklin is said to have confirmed the amount of the pending investment, but won't state the source of the money. Soros' fortune, earned mostly by currency speculation, is estimated at $7B, but we're not aware of any prior investment in automotive ventures.

Bricklin earlier this month stated that the stateside arrival of Chery vehicles will be postponed and ratcheted down his sales projections. Last month, executives from Chery are said to have met with representatives from Chrysler concerning the production of an inexpensive small car for the US market. It would appear that this saga has a few more twists and turns left in it before the first Chinese import lands in America.

[Source: Automotive News/Autoweek]

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    • 1 Second Ago
      • 9 Years Ago
      " Soros' fortune, earned mostly by currency speculation, is estimated at $7B, but we're not aware of any prior investment in automotive ventures."
      George Soros is an interesting figure. He made his fortune during the Asian financial crisis and Malaysian Prime Minister of tha time Mahathir bitterly accused him of playing foul. Anyway, George Soros is most of the time a smart and successful investor and it will be very interesting for us to observe how his investment goes in the automobile industry.
      • 9 Years Ago
      My gut says these cars will be as classic as the '68 Chevy Impala and the '65 VW Beetle. With proper direction, China makes great products. Consider the IBM Thinkpad (now named Lenovo), and likely most of the parts in any desktop PC.
      • 9 Years Ago
      "3) it hurts George Bush" How do cheap cars hurt President Bush? Although I dont support China built slave cars... that last point hurt my brain... is it because they use less oil? LOL... thats a joke btw.
      • 9 Years Ago
      George Soros is wealthy beyond all but a few. He has some sense of noblesse oblige, he's seems to be on track to give it all away before he dies as he promised. Of course, he IS supporting his own agenda. Of course, wouldn't you?

      At least he's not like Gates, setting up a foundation to try to keep more people alive in developing countries. By 'saving' people in poorly educated parts of the world, Gates has more potential ill-informed consumers for crappy MS products...

      I realize Soros still likes to make money so he can give it away. However, hastening the inevitable entry of Chinese autos into the US is (at least) a bad PR strategy.
      • 9 Years Ago
      Another limousine liberal knowing what's best for the working class, while he bends them over and puts the screws to them.

      I'll buy my cheap Wal-Mart crap from China, but it will be a cold day in hell before I buy a car from that totalitrian sweat-shop.

      It cracks me up how lefty's like Soros are all about human rights and good government unless

      1) they can make money off of poor human rights
      2) atrocities are committed by a socialist/communist
      3) it hurts George Bush

      • 9 Years Ago
      Of course, Soros is also seen as having caused:
      1. An early 90s run on the pound.
      2. The Asian financial meltdown.
      If that is your idea of NOT screwing everybody else, then his anti-Bush charms really have worked their way into your befuddled mind.

      Billionaires don't care about you, silly.
      • 9 Years Ago
      Seriously, why is it such a terrible thing that a rich person actually realizes that life isn't all about getting more money and screwing everyoneeverything else?

      Only you are clownish enough to believe that. Rich liberals are just as concerned abotu themselves and their wealth like everyone else. They throw you a bone, bash Bush and you get all giddy about how much they "care" about you.
      • 9 Years Ago
      "He made his fortune during the Asian financial crisis"

      I thought he made most of his money during the 70's and 80's with his hedge fund and is famous for shorting the pound in the early 90's. He was insanely wealthy long before the asian financial crisis in the late 90's.
      • 9 Years Ago
      I think we were all made a little dumber by GOKARTN's rant.
      • 9 Years Ago
      There has been no confirmation from any Soros organization or spokesperson that Soros has actually put up any money for this Chery Venture...it is a rumor that started in Asia...but it has been widely circulated all over the world...



      By: Alex S. Gabor

      My great adopted uncle George Soros has been accused of all kinds of wrong doing, and like me, he may have a few streaks of mischief left in his acute mind. Soros actually means “sharp” in Hungarian and he has always lived up to his name as have I to mine.

      If not being criticized for “breaking the bank of England”, condemned for “causing the Asian financial crisis”, or being attacked by Neocon Nazi far right fundamentalist Christian fascist political forces for donating millions to the causes of open society, he might soon add the collapse of the US real estate market as the final feather in his long capped track record of making billions from the misfortunes of others’ miscalculations and misperceptions of the reality in financial markets.

      Soros, earlier this year predicted a total meltdown in the real estate markets beginning some time in 2007. This author on the other hand published his article “The Real Estate Bust of 2006” last December.

      The stages for those perceptions have been set as America’s Fannie has been spanked with $400 million in fines, only the beginnings of turning inside out the entire ponzi scheme of American real estate finance.

      Criticism levied at the mortgage finance giant after an $11 billion accounting scandal is fair and remains ongoing into the far foreseeable future as the onion is peeled away by Congressional investigators and greater public scrutiny. By the time real honest accounting is done, Fannie will be trading in the pennies. That idea scares many in Congress.

      The Fannie Mae of years past may have made substantial changes and may not appear what it once was, but it continues to operate a massive ponzi scheme using funds from foreign investors to maintain its’ illusions of profits for its stockholders.

      The only difference between Fannie and Enron is that the international markets perceived the truth about Enron far too quickly but is yet to discover the whole truth about America’s Fannie, which is still encrusted with the dark forces of fraud.

      On the surface, America’s Fannie has a new face, as its’ new Chief Executive Officer Daniel Mudd attempted to sweet talk Congressional leaders during his appearance on Capitol Hill.

      Redirecting attention away from the truth is one way in which criminals are able to perpetuate their schemes that ultimately wind up being exposed by those who know better and can profit from shorting FNM and the entire real estate industry during the next several years.

      George Soros didn’t hire me to write this blistering article, nor am I being paid to do it. I write it because in my honest opinion it is time for the global finance people and those central bankers who keep feeding the Octodragon that is destroying our planet to wake up and realize that they too are being conned by a system that is nothing more or less than the greatest ponzi scheme ever invented in the history of man.

      A Ponzi scheme that happens to be poetically known as the Fannie of America which is now headed up by a man whose name is literally Mudd.The company has gone to great lengths to lower its profile and take a more humble tone. America is trying to hide its Fannie from the rest of the world, but its nakedness is about to be exposed and laid bare for the entire planet to scorn and laugh at because in truth, the entire system is a complete fakery and mockery of the American dream, while America continues to sleep at the wheel, the rest of the world sees the light of a new dawn, and the American nightmare is foisted upon us all.

      The bubble has already popped. The gas being let out of America’s Fannie, like some embarrassing moment at the global trough of abundance, is being sidestepped with political rhetoric and doublespeak, and although many politicians are blushing, it is those who see the real opportunity that will be laughing all the way to their foreign bank accounts.

      Individual Americans’ collective wealth has ballooned to $54 trillion according to the Bernankeular of the Federal Reserve. What’s a few trillion vanishing dollars to a pump and dump scheme so sophisticated it takes an axe to peel a
      • 9 Years Ago
      There are no actual confirmations from any Soros organization that money has been put up for this Chery operation, it is a rumor that was started in Asia and has circulated through blogs around the world.
      • 9 Years Ago
      I think it is worth noting that Soros just basically gave $200 million to the Chinese government since they own almost all of the automakers in China. The only big private auto company in China is Geely the rest are either partially or completely owned by the central government. I wonder how his investment affects the ability to recruit U.S. dealers who are mostly Republican and well informed on their politics?
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