Bricklin's Visionary Vehicles Announces New Business Direction

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NEW YORK December 5, 2006; Malcolm Bricklin, Chairman and CEO of Visionary Vehicles today confirmed he has ended plans to enter into a joint venture with Chery Automobile Company to manufacture and distribute Chery vehicles in the United States. Today he outlined his plans for the company going forward with a continuing focus on Chinese manufacturers as well as U.S. and European design and engineering firms to bring affordable luxury to the U.S. market. "We have great respect and admiration for President Yin Tongyao and Chery, but we are no longer negotiating exclusively with them," announced Bricklin.

Bricklin's decision comes after months of evaluation and study amid continued concerns for manufacturing 5-star quality products within a finite timeline. “The crux of our decision came from the realization that the Chinese need to learn that you can not develop cars for the Chinese domestic market and then upgrade them for the North American Market,” stated Bricklin, “You must instead, build for the North American market and then de-option for other markets, never having two standards for quality since great quality is the only option.”

"Chinese manufacturers have continued to mature and as they have done so, we realized that there was great value in capitalizing on the strengths each had to offer, "continued Bricklin.”As we have learned, our success is dependant on Visionary Vehicles being responsible for all aspects of design, engineering and safety and emission regulations while developing manufacturer relationships to support those goals."

At the Beijing Auto Show, Bricklin met with several manufacturers to discuss future involvement. "I am totally impressed by the level of interest on the part of the Chinese manufacturers, including Chery, to do what it takes to be competitive in China's evolving market and globally as well,” said Bricklin. "We are in discussions with great companies who are willing and able to build a factory to manufacture cars designed and engineered to our vision and specifications.”

Visionary Vehicles has maintained the support of its signed dealers. ”From a strategic perspective, I was very encouraged to hear that Malcolm is not limiting the company to a single manufacturer,” said Visionary Vehicles dealer, Tim Ciasulli, "It has become clear that we are in a position to develop vehicles that are perfect for our brand. ‘redefining the price of luxury’ and that taking control of our destiny makes a lot of sense.”

Bricklin's Visionary Vehicles will design a line of automobiles developed in concert with design/engineering firms to be formally retained early in the New Year.