On November 29, 2022, BAIC Foton Motor Co., Ltd. issued an announcement on "About the Court's Bankruptcy of Beijing Borgward Automobile Co., Ltd.". All the rumors in the past finally became a truth, and this German brand of China holding officially withdrew from the Chinese market.
announcement stated that "On November 29, 2022, BAIC Foton Motor Co., Ltd. learned that Beijing No. 1 Intermediate People's Court made (2022) Beijing 01 Civil Ruling " on November 29, 2022, ruling to declare Beijing Borgward Automobile Co., Ltd. bankrupt."
Beijing No. 1 Intermediate People's Court believes that according to the debt confirmation results and the debtor's assets confirmed by the assessment, Borgward Automobile Company cannot repay its due debts and its assets are significantly smaller than liabilities and are not sufficient to repay all debts. As of now, no one has filed a reorganization or settlement application. In summary, Borgward Automobile has met the legal conditions for declared bankruptcy.
This time it is no longer a lie or a rumor, the wolf is really here!
Let’s talk about it again, the ending of Beijing Borgward is expected again. Foton, which focuses on commercial vehicles, has always hoped to enter the passenger car field. After the plan to build a brand on its own failed in the early years, it hoped to directly enter the high-end passenger car market with the help of Borgward. However, although Borgward has a history comparable to Mercedes-Benz , BMW , and Audi , its disappearance for more than half a century means that this brand has no accumulation of personnel, technology, and assets. In other words, what Futian has obtained is only a brand.
In the early years, Borgward had a high reputation in Germany and even Europe. This brand was founded by Mr. Carl Borgward in 1919, but domestic consumers are not very familiar with the Borgward brand.
2015 Geneva Motor Show Borgward officially announced the return of the brand, Frankfurt Motor Show released Borgward's B-G-W global strategy, B represents the Borgward brand, G represents German intelligent manufacturing, and W is a global layout. In 2016, it officially entered Asia and came to the Chinese market. Then Borgward launched models such as BX7, BX5, BX6, etc. With the support of the slogans of "BBBA positioning", German standards, and German craftsmanship, Borgward also had a brief glory in China.
Ageng Car Review:
BAIC Foton said that the bankruptcy of Borgward Automobile will not affect the company's existing main business, and I hope to do a good job in repairing and maintaining Borgward Automobile owners. Does BBBA still have hope of coming back?
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