Beijing Borgward, once billed as a rival to BMW, Mercedes-Benz and Audi, officially declared bankruptcy on November 29. The announcement explained that it was drained to pay off its outstanding debts but its current assets are not enough to settle the outstanding balances.
Founded in 1919, Borgward was once Germanys third largest car manufacturer. Back in the 1960s, Borgward was declared bankrupt due to mismanagement and lay dormant for half a century. In 2014, Foton Motor acquired Borgward for 5 million euros, and subsequently established Beijing Borgward in 2016.
After the revival, Beijing Borgward has been promoted in the Chinese market with emphasis placed on the German brand name, manufacturing and craftsmanship. It once competed w…
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