China is undeniably one of the fastest growing economies in the world. We’ve already seen countless cell phone and MP3 player knockoffs coming out of that country, and it seems they’re ready to sell us something a little pricier. Chinese automaker Geely has decided against revamping its current budget-minded lineup, opting instead to develop an all new vehicle for the US market instead.

According to Automotive News, this yet unnamed new car will be destined specifically for the United States and Europe, though we have no further details surrounding the new car. The original plan was to send the Geely CK our way by late 2008 with a price tag of $10,000, but it appears that idea has been thrown out. It’s possible that the new car will be decidedly more upscale.

The chairman of Geely, Li Shufu, is said to be working on building a plant in America, instead of building the cars in China and then shipping them our way. This new plant will cost approximately $400 million.