Historic German auto brand Borgward is reportedly insolvent once again, practically eight years after its rebirth was introduced to the general public. Automotive News( membership needed), mentioning a declaration from Borgward’s Chinese backer Foton, reported recently a Beijing court in
November had actually declared Borgward insolvent. Borgward is now in the process of looking for court authorization to liquidate its properties, according to the record. Foton is a commercial cars brand name that
develops part of state-owned Chinese automaker BAIC. It was the leading resource of Borgward’s funding, however in 2018 the business already announced strategies to offer a 67 %stake in Borgward to aid better money it. According to filings with the Shanghai Stock Exchange, where Foton is provided, Borgward lost 4.7 billion renminbi (approximately$676 million)in 2021 alone, or greater than the advancing losses of the firm from 2016-2018. Even among car enthusiasts, the Borgward name isn’t particularly well known. The original Borgward was established in Bremen in 1890 and lasted until 1961.
At one point it was Germany’s third-largest cars and truck brand, with excellent models like the Isabella of the 1950s. Considering that the revival, the modern-day Borgward has introduced the BX7, BX6, BX5, and BX3 crossovers. Sales reduced to a flow in 2021, reaching just 3,600 systems, down from a top of 55,000 units in 2019. This post was initially published by Motor Authority, an editorial partner of ClassicCars.com.
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