Plans to Import Chinese Cars Hit Snags
Chinese automakers racing to enter the U.S. market are being slowed by everything from financing to pollution regulations. Entrepreneur Malcolm Bricklin is trying to raise $200 million -- $2 million from each dealer looking to sell vehicles from China's Chery Automotive -- but he only has 37 dealers so far. Rival automaker Geely, which hopes to offer vehicles for $10,000, just flunked U.S. emissions and side-crash tests, forcing engineers to tweak designs. Someone will bring cheap Chinese cars to the U.S., said George Peterson of consultant AutoPacific. "The question is who will be first."
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