Borgward has been declared bankrupt after last-ditch efforts to save the company failed.
The historic German brand was revived by Foton (a truck division of Chinese-state-owned BAIC) in 2014 and subsequently sold to Ucar, a Chinese mobility company, in 2019.
The bankruptcy ruling, handed down by the First Intermediate People’s Court of Beijing, puts an end to long-term plans to re-establish Borgward, once Germany’s third largest car maker by volume, under Chinese ownership.
In a statement following the ruling, Foton said Borgward is seeking court approval to liquidate its assets.
