On June 21,more than two years after being acquired by UCAR Group, Borgward Auto was about to enter bankruptcy proceedings. This news was first announced in early July.

In this regard, China UCAR has not yet responded.

Let's sort through the ups and downs of Baowo's "life". It was founded in 1919 by the German engineer Carl Borgward. It has a history of one hundred years, but after all, it is no match for reality and eventually goes bankrupt.

In 2014, it was wholly acquired by Beiqi Foton, and then relaunched. In July 2016, Borgward launched a high-end SUV model to enter the Chinese passenger car market. However, due to poor sales, Foton Motor suffered losses for four consecutive years from 2014 to 2017, with a cumulative total of 2.433 billion yuan.

In 4 years, Borgward Auto has once again come to an end. Beiqi Foton chose to sell Borgward Auto to protect itself.

In 2018, Beiqi Foton transferred 67% of Beijing Baowo's shares to Changsheng Xingye (Xiamen) Enterprise Management Co., Ltd. for a transaction price of 3.973 billion yuan; in 2019, China UCAR issued an announcement stating that the company acquired Changsheng for 4.109 billion yuan. Xingye holds a 67% stake in Beijing Baowo. So far, UCAR has become the new owner of Borgward Auto, and UCAR has obtained the qualification to manufacture cars.

Borgward Automotive, which was acquired by UCAR, ushered in a sales explosion. According to Borgward’s official data, in 2019, Borgward’s annual sales reached 54,500 units, but it mainly relied on China Rent-a-Car. But just like the first acquisition, the good times are not long. Because Luckin Coffee's chairman Lu Zhengyao is also the chairman of China UCAR. In 2020, the financial fraud incident of Luckin Coffee was thundered. China UCAR also suffered heavy losses and began to " "Selling oneself", there is no time to care about Borgward Auto. What Borgward Auto can wait for now may only be the news of bankruptcy.

A person familiar with the matter as saying: "The ending of Baowo Auto is inevitable. It has not been done, and no buyers are interested in taking over. Bankruptcy is the best way."