Borgward is bankrupt
It is the end for Borgward despite their attempt to revive the brand with electric and hybrid cars. A court in China has officially declared the company bankrupt and Borgward has applied for permission to liquidate its assets.
The brand is historic, as it was originally launched in Bremen, Germany, in 1890. The automaker then went bankrupt in 1961, until it was revived in 2014 when Chinese truck manufacturer Beiqi Foton Motor purchase the rights to the name. By 2019, the company had unveiled 4 internal-combustion engine vehicle models, as well as one battery-electric vehicle.
Last Wednesday, Borgward was declared bankrupt by the First Intermediate People’s Court of Beijing. The automaker is now expecting court approval to liquidate its assets