NEW YORK (CNN) - A U.S.-based company plans to sell cars manufactured in China at American dealerships beginning in 2007.

Visionary Vehicles has partnered with Chinese automobile company Chery in efforts to create and import high-quality, stylish cars priced 30 percent lower than comparable models currently on sale in the United States.

The 2007 fleet will launch with five totally new models consisting of compact, mid-size and crossover sedans as well as a luxury sports coupe and a sport utility vehicle.

Visionary Vehicles is headed by auto industry entrepreneur Malcolm Bricklin, who also brought Subaru and Yugo cars to U.S. consumers.

Yugo America, which imported a small hatchback car manufactured in Yugoslavia, closed in 1992 following weak sales and rampant complaints about poor quality.

To dispel concerns about the quality of cars made in China, Visionary announced that its cars will come with 10-year/100,000 mile warrantees.

European and Japanese design firms behind Ferrari and Lamborghini luxury sports cars have been enlisted to design the launch models. The company said it will consider developing hybrid, fuel cell and turbo diesel cars as the market demands them.

Visionary plans to sell its new brand of cars at 250 dealerships nationwide and estimates 12,500 jobs will be created as a result.

The sales goal for the first year is set at 250,000.