Word: bricklin
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...export 1.3 million vehicles worldwide, including small sedans for less than $10,000 and a sports car, the Beauty Leopard, which sells for $15,125 in China. Other Chinese manufacturers, with varying levels of sophistication, are developing export models too, notably Chery, which is being promoted by Malcolm Bricklin, a New York City entrepreneur who made his fortune importing Subarus and his name importing the ill-fated Yugo. "What you're seeing is the first stage," says Mike Hanley, global director of Ernst & Young's automotive practice. "Everybody recognizes that Chinese cars will end up in North America...
...Chery recently cleared two hurdles: settling a law-suit with GM over charges that it ripped off a design from GM's Daewoo subsidiary, and agreeing to find a new name for North American models?since Chery sounds like Chevy, GM had threatened to press the matter in court. Bricklin, meanwhile, claims to have signed up more than two dozen dealers. Chery plans to sell cars up to 40% below current market prices. That will help buyers get past the jokes that their Chinese cars may not make it off the lot, the same jokes once aimed at Japanese brands...
...build on its success at home to become the first Chinese automaker to crack the American market. It revealed plans to offer five models last week, including an SUV, at costs below anything riveted together by Detroit's Big Three. It has teamed with a legendary partner--Malcolm Bricklin, who brought the Subaru to America in the 1960s. Bricklin describes Chery as "ambitious like crazy," and his New York--based firm, Visionary Vehicles, plans to import up to a quarter of a million Cherys a year starting...
...result one day could be a huge surplus of Chinese-made cars looking for markets elsewhere. Chery aims to lead the way. Americans in the 1980s turned up their noses at the ultracheap Yugo, which Bricklin introduced from Yugoslavia, and Chery still has to meet U.S. safety and emissions standards. The real threat will come from foreign makers in China with nowhere to sell their cars. "If they can compete on price, Ford and Nissan will likely start exporting" to America within a decade, predicts Eric Harwit, a professor at the University of Hawaii who researches China's auto industry...
Since leaving Detroit, Iacocca has fooled with an eclectic array of proposals, even serving a brief stint as chairman of Koo Koo Roo Chicken, the health-conscious fast-food chain. He turned down an early invitation to team up with inventor Malcolm Bricklin's electric-bike company. Yet Iacocca has been intrigued by electric propulsion since his early days at Ford, 50 years ago. "Thomas Edison promised Henry Ford he would be able to throw away the internal-combustion engine," he says. "It's 100 years later, and we're just now seeing some progress...