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Foton offers to sell majority stake in Borgward
Automotive News China | 2018/10/12

Beiqi Foton Motor Co. plans to sell a 67 percent stake in Borgward as losses at the German vehicle brand it revived four years ago keep snowballing. 

The move is intended to attract new Borgward investors, Shanghai-listed Foton said in a statement. 

Borgward, once Germany's third-largest automaker, was liquidated in 1961. Foton, a truck subsidiary of state-owned Chinese automaker BAIC Group Corp., acquired the rights to the Borgward brand in 2014. 

In the past two years, Borgward has launched two gasoline-powered crossovers, the BX7 and BX5. In May, the battery-electric version of the BX7 also went on sale in China. The vehicles are assembled at Foton's renovated plant in suburban Beijing where Foton is headquartered.

But Borgward¡¯s sales have shown no signs of improving. In the first seven months of this year, the brand¡¯s deliveries slumped 23 percent year on year to 18,996 vehicles, according to the China Passenger Vehicle Alliance, a Shanghai consultancy. 

Because of limited sales, Borgward suffered a loss of more than 1.6 billion yuan ($231.5 million) as of August this year, according to Foton.

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