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Borgward Group
Borgward Group AG was a Chinese-German automobile brand established in 2010 with headquarters in Stuttgart, Germany. The company carried the name and logo of the former German brand Borgward. Design and engineering was located in Germany, but the cars were produced in China by Foton Motor.
Borgward started its business with a range of conventional SUVs, with sales reaching approx. 75,000 units by January 2018. The firm had branches in China, Russia, India, Brazil and Mexico. Borgward presented the Isabella concept at the Frankfurt Motor Show 2017, its vision of a full-electric 4-door coupé. Full electric models, the BXi7 and GT SUV BX6, were launched on 9 May 2018 in Beijing.
Christian Borgward revived the Borgward trademark with the help of the Chinese truck manufacturer Foton, who sold a stake in the company to the Chinese car rental group Ucar in 2019. Borgward Group AG is responsible for the development, production, sales and marketing of Borgward cars.
In April 2005, Christian Borgward (grandson of Carl F. W. Borgward) as president and Karlheinz L. Knöss as CEO and vice president of the supervisory board started the revival of Borgward. They started the development of the new Borgward automobiles with car designers Roland Sternmann and Benjamin Nawka, set up the organisation and engineer team and developed several car concepts. On 21 May 2008, Borgward and Knöss founded Borgward Group AG in Lucerne, Switzerland, later relocating to Stuttgart, Germany.
Foton earned the rights to maintain the Borgward name in 2014.
In 2018, Foton Motors announced plans to sell their stake of Borgward at 67%.
According to the German newspaper Automobilwoche, the company struggled to earn better sales after Foton sold its 67% stake to UCar in 2019 for $614 million. The newspaper said that Borgward sold around 5,000 vehicles in the first half of 2020. According to André Lacerda, a Borgward salesman in Luxembourg, the company did not have plans to halt reintroduction of Borgward vehicles throughout Europe.
Charles Zhengyao Lu, chairman of Luckin Coffee, was also involved in an accounting scandal, which played a role in the sudden sales decline.
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Borgward Group
Borgward Group AG was a Chinese-German automobile brand established in 2010 with headquarters in Stuttgart, Germany. The company carried the name and logo of the former German brand Borgward. Design and engineering was located in Germany, but the cars were produced in China by Foton Motor.
Borgward started its business with a range of conventional SUVs, with sales reaching approx. 75,000 units by January 2018. The firm had branches in China, Russia, India, Brazil and Mexico. Borgward presented the Isabella concept at the Frankfurt Motor Show 2017, its vision of a full-electric 4-door coupé. Full electric models, the BXi7 and GT SUV BX6, were launched on 9 May 2018 in Beijing.
Christian Borgward revived the Borgward trademark with the help of the Chinese truck manufacturer Foton, who sold a stake in the company to the Chinese car rental group Ucar in 2019. Borgward Group AG is responsible for the development, production, sales and marketing of Borgward cars.
In April 2005, Christian Borgward (grandson of Carl F. W. Borgward) as president and Karlheinz L. Knöss as CEO and vice president of the supervisory board started the revival of Borgward. They started the development of the new Borgward automobiles with car designers Roland Sternmann and Benjamin Nawka, set up the organisation and engineer team and developed several car concepts. On 21 May 2008, Borgward and Knöss founded Borgward Group AG in Lucerne, Switzerland, later relocating to Stuttgart, Germany.
Foton earned the rights to maintain the Borgward name in 2014.
In 2018, Foton Motors announced plans to sell their stake of Borgward at 67%.
According to the German newspaper Automobilwoche, the company struggled to earn better sales after Foton sold its 67% stake to UCar in 2019 for $614 million. The newspaper said that Borgward sold around 5,000 vehicles in the first half of 2020. According to André Lacerda, a Borgward salesman in Luxembourg, the company did not have plans to halt reintroduction of Borgward vehicles throughout Europe.
Charles Zhengyao Lu, chairman of Luckin Coffee, was also involved in an accounting scandal, which played a role in the sudden sales decline.