In a move that’s meant to attract new investors in Borgward, Chinese company Beiqi Foton Motor is looking to sell a 67% stake in the German brand, as financial loses continue to escalate.
Since its revival, Borgward has launched two gasoline-powered crossovers in the BX5 and BX7, the latter also featuring a battery-electric variant that went on sale in China. Assembly for the vehicles takes place at Foton’s plant in Beijing.
Borgward went on to enter the German market back in July with the BX7, the very first vehicle sold by the company on its home soil since 1961.
Yet, things haven’t been going exactly as planned from a financial standpoint. Borgward’s sales have declined 23% year-to-year, reaching 18,996 vehicles, reports Automotive News Europe. Because of this drop, the automaker sustained a loss of more than 1.6 billion yuan ($231.5 million) as of August this year, according to Foton. At this moment in time, sales reportedly show no signs of improving.
Aside from the electrified BXi7, Borgward most recent unveiling is the BX6 crossover, which is a Coupe SUV. Their most stylish creation however remains the Isabella Concept from last year’s Frankfurt Motor Show – a four-door, four seat coupe.
Once Germany’s third-largest automaker, Borgward was liquidated in 1961 before Foton, a truck subsidiary of Chinese automaker BAIC Group, acquired the rights to the brand back in 2014.