;Resize=(1200,627)&impolicy=perceptual&quality=medium&hash=d66000deffaa14ced1f5262324fb055ccb722571ed8cc1f870cfa623222bbbb6 "Due to falling sales – traditional car manufacturer Borgward is insolvent")
With Borgward, the next traditional car manufacturer has to go bankrupt. More than 80 years after it was founded, the brand is now on the verge of extinction.
The car brand Borgward is probably about to end. As “t-online” reports, the manufacturer was declared insolvent by a Chinese court at the end of November 2022. Apparently, a final line has now been drawn under the revival of the traditional German group.
The founder’s uncle, Christian Borgward, had already sold the group’s trademark rights to the Chinese truck manufacturer Foton in 2014. He also wanted to get into the car business and sell SUV models in China under the Borgward brand.
In Europe, too, the aim was to gain a foothold again with the Borgward brand. For this purpose, a European headquarters was opened in Stuttgart in 2016. A year later it was announced that a production facility would be opened in Bremen.
The car brand Borgward is on the verge of bankruptcy
However, the Chinese market was to be conquered first with models such as the BX-7, the BX-5 or the BX-3. A total of 165,000 vehicles were sold here in five years – apparently not enough to balance the production capacities. Most of the ambitious plans for the European market have been put on hold. In Germany, for example, only two models appeared, the BX-7 and BX-7.
In the years that followed, Borgward plummeted towards bankruptcy. A factory construction in Bremen was forbidden by the new owner Ucar in 2019, in 2020 the Germany location was closed. Since that year, sales in China have also fallen sharply, and production was finally stopped in 2021.
In April 2022, the insolvency proceedings were finally initiated, which have now apparently been completed. This should mean the end for the Borgward brand.
