Borgward, an inoperative German business resurrected by the Chinese in 2014, has filed for bankruptcy for the 2nd time. The company intended to merge right into the mainstream with a line of crossovers, and it prepared to open up a factory in Europe, but its sales plummeted over the last few years.
Market trade journal Automotive News Europe wrote that the First Intermediate People’s Court of Beijing declared Borgward bankrupt in November 2022. The magazine adds that Borgward asked the court for consent to liquidate its possessions, yet information regarding the insolvency process haven’t been launched. Beiqi Foton Motor, a truck manufacturer that’s part of the state-owned BAIC Group, acquired Borgward in 2014.
Borgward introduced its return in February 2015, showed a classic Isabella coupe a month later on at the Geneva Motor Show, as well as offered its first contemporary model at that year’s Frankfurt auto program. Called BX7 (pictured), the crossover landed with a generic-looking design and also a trunk filled with pledges, consisting of a promise to recover in Europe by late 2017. While a handful of automobiles apparently made their way to Germany, the brand focused largely on the Chinese market and expanded its variety with crossovers called BX3, BX5, and also BX6, respectively.
Safeguarding a foothold in a market as big and as crowded as China’s is simpler said than done. Borgward’s annual deliveries peaked at approximately 55,000 devices in 2019, according to Automotive News Europe, yet fell to simply 3,600 in 2021. European sales were little bit greater than a rounding error. The report notes Borgward uploaded losses completing more than 4 billion yuan (over $564 million) from 2016 to 2018.
It’s the end of the line for Borgward, unless capitalists all of a sudden save it. While the company’s future plans were unclear, it traveled to the 2017 Frankfurt Motor Show to offer a concept called Isabella that previewed a design language which could have permeated the variety.
This is Borgward’s 2nd trip to the pantheon of automotive history. The business as soon as enjoyed relative popularity in Germany, as well as it briefly offered automobiles in the United States, yet it experienced financial problems in the 1950s and declared personal bankruptcy in 1961. Mercedes-Benz ended up with the business’s Bremen, Germany, plant after a collection of take-overs and also currently builds the C-Class and the GLC there.
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