Which company acquired Borgward?
2 Answers
In 2014, China's Beiqi Foton Motor wholly acquired Borgward. Here is relevant information about Borgward: 1. Borgward was originally a German automobile brand, founded in 1919 in Bremen, Germany by German engineer Carl Borgward. The Borgward brand was acquired by Foton, which specializes in commercial vehicles, in 2014, and then launched its first new car after revival, the Borgward BX7. 2. Borgward went bankrupt in 1961, and the Borgward brand was acquired by Foton, which specializes in commercial vehicles, in 2014, and then launched its first new car after revival, the Borgward BX7. Since then, all cars of this brand have been produced in China.
The Borgward brand has had quite a tumultuous journey. Originally a veteran German automaker, it was fully acquired by China's Beiqi Foton in 2014. Foton spent 5 million euros to purchase the brand rights with the intention of reviving it. However, by the end of 2018, Foton transferred 67% of its equity to Changsheng Xingye, a company backed by the UCAR Group. Thus, UCAR Group - primarily engaged in car rental and mobility services - became the actual controlling party of Borgward, mainly aiming to manufacture vehicles for its own mobility platform. Unfortunately, when UCAR later encountered operational difficulties, Borgward gradually ceased production. Recently, it was reported that Beijing Automotive Works took over some assets, but none of these acquisitions have truly revived the brand.
