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“This is the start of a long relationship between Chrysler and Chery,” said then-Chrysler CEO Tom LaSorda during the signing ceremony in Beijing at the Diaoyutai State Guesthouse last year.

Unfortunately, that hasn’t been the case. An unnamed source, who is reportedly an ex-Chery executive, told Automotive News “I wouldn’t place much hope on it. Both companies have their own problems to deal with, and both have run out of money.”

The source went on to say that Chery is well-aware of the fact that its cars can’t meet U.S. safety or emissions regulations. It isn’t news to LaSorda either, who is now co-president of Chrysler.

“We need small cars,” said LaSorda during an interview with Automotive News back in May. “Chery’s cars are still not ready for that exposure into these markets.”

LaSorda went on to say that it would likely be at least three years until Chery’s cars were ready for the U.S., though the companies never established a timetable for bringing the cars to America. In the mean time, the companies had planned to import the cars to Mexico first, which has less stringent regulations. That was supposed to happen in the near future, but that plan appears to be on hold now as well.