NEW YORK-Visionary Vehicles LLC, an international automobile import and distribution company founded by Malcolm Bricklin, has announced an agreement with Chery Automobile Co. (Wuhu, China) to import a new line of low-cost vehicles to North America in 2007.

According to Bricklin-founder of both Subaru of America and Yugo America-the cars will cost 30 percent less than comparable models currently for sale in the United States and come with competitive, 10-year, 100,000 mile warrantees. Bricklin says he started Visionary Vehicles to create what he calls "a new standard for high quality and lower-cost cars in the global market."

In addition to China he says he considered plants in Serbia, Romania, Poland, England and India.

Visionary Vehicles plans to market a number of models, including a compact sedan, midsize sedan, sport and luxury coupe, and a sport utility vehicle. Chery Automobile Co. is one of the fastest growing independent auto manufacturers in China, with its own stamping plant, engine and transmission plant, body and welding plant, modern paint facility and assembly plant.

According to Visionary Vehicles, Chery plans to expand its facilities into a number of other countries, including the United States. Bricklin says he hopes to sell 250,000 vehicles in the United States in 2007, increasing that number to 1 million vehicles per year by 2012.