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]
Sign in to post
Please sign in to leave a comment.
Continue