Borgward is dead again – declared bankrupt, RM2.95 billion lost in 2021

Borgward BXi7 fully electric concept car


China-owned German car brand Borgward has been declared bankrupt in China by a court in Beijing this week. Once Germany’s third-largest carmaker, Borgward was founded in 1890, liquidated in 1961, and relaunched in 2015 (by Foton, a member BAIC Group).

The revived Borgward was even seen in Malaysia with a showroom set up in Glenmarie a few years back. Among the cars displayed at the Glenmarie showroom were the Borgward BX5, BX7, and the fully electric BXi7 concept car. The cars even made an appearance at Malaysia Auto Show 2018.

Borgward BX5

Upon its revival, Borgward cars were produced at a renovated Foton factory in suburban Beijing and reached peak sales of 55,000 vehicles per year in 2019. The growth was unsustainable as sales shrunk to 3,600 vehicles per year in 2021.

Automotive News Europe reports that from 2016 to 2018, Borgward’s losses added up to more than 4 billion Yuan (approx. RM 2.5 billion). In 2021 alone, the Sino-German carmaker lost 4.7 billion Yuan (approx. RM 2.95 billion) according to Foton’s filings on the Shanghai Stock Exchange, where the company is listed.

RELATED: 2016 BAIC EV200 unveiled, Malaysia’s first CKD electric vehicle

Borgward Isabella Concept Car

In 2018, Borgward started selling the BX7 in Europe which is an SUV that is about the size of an Audi Q5. There were even plans for a factory in Bremen with a 10,000-car-per-year capacity, but it never materialised.

In 2019, Borgward launched the BX5 in Malaysia in 5 variants with prices starting from RM119k. Two engine options were offered for the BX5 which were a 1.4-litre turbocharged engine and a 2.0-litre turbocharged engine.

RELATED: 2016 BAIC D20 previewed in Malaysia, B-Segment hatchback to be CKD

Borgward BXi7 at the previous Glenmarie showroom

When the brand’s showroom in Glenmarie was still operational, the all-electric Borgward BXi7 concept car was displayed, albeit in a left-hand-drive version. A single electric motor powers the front wheels and it makes 272 hp and 400 Nm. Borgward claimed the BXi7 to have an electric range of up to 500 km.

Models listed on Borgward’s official website are the BX7 TS, BX7, and BX5. Several concept cars are also listed including the Isabella Concept, the BX6 TS concept, and BXi7 concept.

RELATED: China to allow foreign automakers full ownership of brands from next week



LEAVE A REPLY

Please enter your comment!
Please enter your name here