Borgward—the formerly Bremen-based German automobile manufacturer founded in 1933—went bankrupt in 1961. A relaunch of the brand was announced by the founder’s grandson, Christian Borgward, with the presentation of two models at the 2015 Geneva International Motor Show. In 2014, China’s BAIC Foton acquired the brand and in March 2019, Ucar bought 67 per cent of the company. UCAR is a leading comprehensive service platform in the travel and auto sector in China, comprising rentals, tailored taxi service, auto purchasing and quick auto loans.
Foton marketed Borgward as a brand with German origin, investing a lot including a high-tech assembly plant in Beijing. Upon its launch in April 2016, the Borgward BX7 gained significant orders, sustaining sales of 5,000 vehicles for several months and hitting 6,000 vehicles per month at its peak. The early success of Borgward was even regarded as a classic business case worthy of study and admiration. According to China Passenger Car Association, cumulative sales in the first five months of this year slumped 41.3 per cent year on year to 2,627 vehicles. In 2019, the brand’s annual sales totaled 54,500 vehicles. Borgward was also hit by a fraud scandal with UCAR.
