Visionary Vehicles LLC founder Malcolm Bricklin said Friday that he has secured an investment of $225 million from Atlantic Pacific Capital Inc., a Greenwich, Conn., investment banking firm.
Visionary plans to import vehicles from China's Chery Automobile Co. to the United States starting in late 2007 or early 2008.
Bricklin says the money will be used to fund product development at Chery via a joint venture between the two companies. Chery requested the $200 million to prepare products for the United States. As part of the deal, Visionary will acquire an equity stake in Chery operations in Wuhu, China.
Atlantic Pacific declined to comment on the record about the deal.
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