Yahoo Autos Borgward declares bankruptcy for the second time
Borgward, a defunct German company resurrected by the Chinese in 2014, has filed for bankruptcy for the second time. The firm hoped to merge into the mainstream with a line of crossovers, and it planned to open a factory in Europe, but its sales plummeted in recent years.
Industry trade journal Automotive News Europe wrote that the First Intermediate People's Court of Beijing declared Borgward bankrupt in November 2022. The publication adds that Borgward asked the court for permission to liquidate its assets, but details about the bankruptcy proceedings haven't been released. Beiqi Foton Motor, a truck maker that's part of the state-owned BAIC Group, bought Borgward in 2014.
