Germany’s Borgward brand declared bankrupt in China & More Trending News


Borgward, the German automobile brand revived by Beiqi Foton Motor, a truck subsidiary of the China state-owned automaker BAIC Group, was declared bankrupt by a courtroom in Beijing this week.

The ruling was issued by the First Intermediate People’s Court of Beijing, Foton stated on Wednesday. 

Insolvent Borgward can be looking for courtroom approval to liquidate its belongings, Foton stated. 

Borgward, as soon as Germany’s third-largest automaker, was liquidated in 1961. In 2014, Foton bought the rights to the Borgward brand to increase into China’s passenger car market. 

From 2015 to 2019, Borgward rolled out 4 gasoline-powered crossovers, the BX3, BX5, BX6 and BX7, in addition to a battery model of the BX7, in China. The automobiles had been produced at a renovated Foton manufacturing facility in suburban Beijing.

However, the brand failed to attain significant gross sales and scale.  

After reaching a peak of round 55,000 automobiles in 2019, Borgward’s annual deliveries shrank to some 3,600 automobiles in 2021.

Due to restricted gross sales, Borgward racked up losses of greater than 4 billion yuan ($564 million) from 2016 to 2018. 

In 2021 alone, the brand incurred a lack of 4.7 billion yuan, in accordance with Foton’s filings on the Shanghai Stock Exchange, the place the corporate is listed.

Borgward began promoting the BX7, which is in regards to the dimension of an Audi Q5, in Europe in 2018 and stated it deliberate to open a manufacturing facility in Bremen, Germany in 2019 to construct 10,000 vehicles a 12 months. However, the plant was by no means opened.

Germany’s Borgward brand declared bankrupt in China

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Germany’s Borgward brand declared bankrupt in China

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Germany’s Borgward brand declared bankrupt in China

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