Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Jensen for the clue delivery! November 30 news, Futian Motor announced today that Beijing Baowo Automobile Co., Ltd. officially declared bankruptcy.

The announcement said that on April 22, 2022, the Beijing No. 1 Intermediate people's Court ruled to accept the bankruptcy liquidation application of Bowo Motor, and held that according to the results of the confirmation of creditor's rights and the situation of the debtor's assets confirmed by evaluation, Bowo Motor Company is unable to pay off its maturing debts and its assets are obviously smaller than its liabilities and not enough to pay off all its debts. So far, no application for restructuring or reconciliation has been submitted. To sum up, Baowo Automobile Company already has the legal conditions to declare bankruptcy, declaring the bankruptcy of Beijing Baowo Automobile Co., Ltd.

In addition, Fukuda Motor also said that the bankruptcy of Bowo Motor Company will not affect the company's existing main business and will not have a significant impact on the company's continued operation. The company will continue to follow up the follow-up progress of the bankruptcy of Bowo Automobile Company and fulfill its information disclosure obligations in a timely manner to actively safeguard the legitimate rights and interests of the company.

Founded in Germany in 1919, Bowo launched classic models such as the P100, Goliath GP700 and Hansa2400, and its annual sales exceeded 1 million, second only to Volkswagen and Opel at that time. Its brand strength once reached the same height as Mercedes-Benz, but it was declared bankrupt in 1961 because of poor cash flow.

BAIC Foton bought the Bowo brand for 5 million euros in January 2014, and Beijing Baowo Automobile Co., Ltd. was established in January 2016. Since then, Bowo released its first SUV model, BX7, which was officially launched in April 2016. After the listing of BX7, BX7 quickly won a large number of orders due to the publicity gimmicks of the "German Top four", maintaining the level of monthly sales of 5000 vehicles for six months in a row, and BX7 sold nearly 40,000 units in 2016.

However, due to the gradual collapse of reputation due to product quality control and after-sales service, Bowo's second SUV model, the BX5, did not sell well. Data show that Bowo sold a total of 106900 vehicles in three years from 2016 to 2018, with a cumulative loss of 4.014 billion yuan.

China car rental purchased a large number of Bowo models in 2019, but still could not reverse the decline at the end of the market, and Bowo car sales fell off a cliff.

Finally, on April 8, 2022, Foton submitted an application for bankruptcy liquidation to the Beijing No. 1 Intermediate people's Court. According to Foton Motors' announcement, Bowo has a net worth of minus 2.29 billion and is insolvent.

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