Once one of the four "German BBBA" brothers, Borgward Motors is really going to disappear in the domestic market. According to the website of the Beijing Equity Exchange, the announcement of the bankruptcy and liquidation of Baowo Automobile (China) Co., Ltd. was released.

Judging from the announcement, the managers of Borgward China publicly conducted bidding and disposal activities through online bidding on the Beijing Equity Exchange through the litigation assets platform from 10:00 on September 26 to 10:00 on September 27 (excluding the delay period).The auction subject is 798 Borgward China patents, with an estimated price of 1,578,735.00 yuan and a starting price of 646,649.86 yuan.

On April 20 this year, Baowo Automobile (China) Co., Ltd. added bankruptcy review information. The company applied for bankruptcy liquidation to the Beijing No. 1 Intermediate People's Court on the grounds that it could not pay off its due debts and its assets were insufficient to pay off all debts. The court accepted the application.

Baowo Automobile (China) Co., Ltd. was established in July 2015 with a registered capital of approximately 114 million yuan. According to Qichacha’s risk information, the company has multiple breaches of trust, persons subject to execution, consumption restriction orders, and final case information. The total unfulfilled amount exceeds 400 million yuan. Its parent company, Beijing Baowo Automobile Co., Ltd., has also applied for bankruptcy review.

Regarding the history of Borgward Automobile in China, it originated in January 2014. Beiqi Foton spent 5 million euros to acquire the Borgward brand. Beijing Borgward Automobile Co., Ltd. was established in January 2016. Thereafter,Borgward launched its first SUV model BX7, which was officially launched in April 2016.

After BX7 was launched, due to the publicity stunt of "Four German Brothers BBBA", BX7 quickly received a large number of orders, maintaining a monthly sales level of 5,000 units for six consecutive months. In 2016, BX7 achieved sales of nearly 40,000 units.

However, due to issues such as product quality control and after-sales service, its reputation gradually collapsed, and Borgward's second SUV model, the BX5, did not achieve very good sales. Data shows that from 2016 to 2018, Baowo Auto sold a total of 106,900 vehicles in three years, with a cumulative loss of 4.014 billion yuan.

In 2019, China UCAR completed the acquisition of Borgward Automobile. In the following period, China Car Rental purchased a large number of Borgward models, but it was still unable to reverse the decline in the market, and Borgward Automobile's sales fell off a cliff.

Finally, on April 8, 2022, Foton Motor submitted a bankruptcy liquidation application to the Beijing No. 1 Intermediate People's Court.According to Foton Motor's announcement, Borgward Auto's net assets are negative 2.29 billion and it is already insolvent.