Borgward Unveils First New Model in 54 Years

Stuttgart-based Borgward unveiled the BX7 SUV/crossover, a prototype of its first new model since ceasing operations in 1961, at the Frankfurt auto show this week.

Founded in 1929, the defunct German carmaker aims to launch a revival that includes at least four other new models. CEO Ulrich Walker, the former head of Daimler AG operations in northeast Asia, tells Bloomberg News the company aims to reach annual sales of some 500,000 units by about the end of the decade.

Borgward is now backed by Beijing-based Beiqi Foton Motor Co. Ltd. The Chinese maker of trucks, buses and SUVs intends to launch production of the BX7 in Beijing in early 2016, according to Walker. Initial sales will be in China, but the company also aims to enter the European market over the next few years.

Walker tells Bloomberg that Borgward would like to attract other investors to help accelerate its ambitious sales plan.