Malcolm Bricklin says he has found an investor to jump-start his plan to import cars from China.
The Visionary Vehicles LLC founder says Atlantic Pacific Capital Inc., a Greenwich, Conn., investment banking firm, will invest $225 million in the venture.
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.