Chinese-owned German brand Borgward has been declared bankrupt by a court in Beijing, China according to Foton, reports Automotive News Europe, The ruling was issued by the First Intermediate People’s Court of Beijing, and Borgward is seeking court approval to liquidate its assets, Foton added.
Borgward was relaunched in 2015 at the Geneva Motor Show that year following its first bankruptcy in 1961, and the brand was once Germany’s third-largest automaker. Prior to the brand’s 2015 relaunch, Foton purchased the rights to the Borgward brand for its expansion into the China market, Automotive News Europe reported.
Shortly after the brand’s 2015 relaunch, it officially revealed the BX7 at the Frankfurt Motor Show that year, marking the return to business for Borgward after five decades. This was however German in name, as in addition to the brand being owned by China-based Foton Motor, the BX7 was also built in China.
More petrol-powered models followed, with the BX5, BX6 and BX3 emerging after the BX7, and the BX5 went on sale in Malaysia in July 2019.
The brand has struggled along the way, its sales peak of 55,000 vehicles in 2019 followed by a slump to an annual sales volume of 3,600 vehicles by 2021.
Its limited sales saw the brand sustain losses of over US564 million (RM2.47 billion) from 2016 to 2018, while in 2021 alone Borgward sustained a loss of 4.7 billion yuan (RM2.94 billion), according to filings by Foton on the Shanghai Stock Exchange, where Foton is listed, according to Automotive News Europe.
Prior to that, the brand sold just 5,000 vehicles in the first half of 2020. Prior to that, it had planned to open a factory in Bremen, Germany on a 140,000 square-metre site, however construction did not materialise and its reservation on the plot of land lapsed in June 2019.
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Just buy Proton, learn from Geely.
Haters said Borgward will give those Geely derived X70 & X50 shivering in their boots but now instead Borgward went down the drain. How to belip haters now?
john oh john, tak habis habis nak kutuk other people. where is your shame brother?
No one belip you about politics anymore, now still trying to eksyen about cars ha ha ha
If relaunch under VW or PSA maybe still got hope. Whatever legacy left in the brand are lost by associating with mainland.
Ugly design, too early 2010s China style. Should have learn from Geely hands off Volvo, keep the design and R&D in Europe.
There is no Borgward in Europe though.
it looks better than bmw x1
Haha to my friend who bought BX5 Cakap x mau dengar
beli borgward ni mcm undi PN… tersalah pangkah
Ini pasal kereta la..bukan politik..bodoh piang..
Undi PH dapat Zahid. Dislike my comment if u agree with me
You seem to be a really good friend. Thankfully you’re not my friend.
Are you one of the borgward owner?
Damn… reminds me of SsangYong.
Poor marketting. Example in Msia, I only know they only have showroom in KL area.
There was a show room???
Oh my, who would’ve known selling generic Chinese SUVs under a German brand that was lost to time could’ve resulted in a failure…
On a more serious note, this is hardly surprising that they’re selling cheap SUVs nobody cares about because there’s just too many of the same in the market.
I would’ve liked if they’d be revived as a premium brand with luxury sedans, coupes and SUVs, living up to the Borgward name. They’ll have to take a loss for the first few years but that’s just business. BYD, Lynk & Co, just some other Chinese companies worth taking a page out of.
ps. I’m not implying generic Chinese SUVs are bad nor good, but the market is overconcentrated.
malaysians dont know success only comes after multiple failures.
no wonder we are a poor country with minimum start ups.
Car museums must be scrambling to get their hands on those Bogwards for their collection
some brands have curses…like ssangyong.
Masa kau pangkah,bawak otak sekali..macam kau ni memang tiada otak..sohai
so far just saw one borgward on the road
a brand that nobody knows, bad design, china quality. recipe for disaster.
Back in the 50’s borgwards were luxury and was competing against Merc. A decent number of borg cars were onroad here in bolehland , this SUV atleast reminded everyone about such brand existence. Back then the coupe’s were really sporty
, about one or two still exist here
Like the design but the grill killed it off.. If you know the first few years you are expecting a loss, then sell them cheaper to get them flooded in the market.. How else will you get people to notice a brand that died 5 decades ago?
Walau APA Jua teklonogi nak setanding jepun payah lah …..Barang Barang jepun TERBAIK…..walau Ada masalah tapi tak teruk China +Barat
Never heard of a car brand, borgward, until now, and I do read the news.
You have not read enough.
Business is not easy but still continue try and try