Currently reading: Borgward declared bankrupt after failed rescue efforts
Chinese court rules revived German car brand to be liquidated, putting a stop to global launch plans

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.

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