Automobile Brand Beijing Borgward Declares Bankruptcy, 8-Year Operation in China Ends
Beijing Borgward, once billed as a rival to BMW, Mercedes-Benz, and Audi, officially declared bankruptcy on November 29. The announcement explained that it was drained to pay off its outstanding debts but its current assets are not enough to settle the outstanding balances.
Founded in 1919, Borgward was once Germany’s third-larg…