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

Thanks to CTOnews.com netizens for the delivery of clues in late autumn, rain and snow! CTOnews.com, June 25, a few days ago, CTOnews.com found from the "cancelled enterprises and products" list of "Road Motor vehicle production Enterprises and products" (batch 371) of the Ministry of Industry and Information Technology that the project of "enterprises applying for cancellation of automobile production qualification by themselves" included Beijing Baowo Automobile Co., Ltd.

The announcement shows that from the date of the announcement, Beijing Baowo Automobile Co., Ltd. will stop related production, a number of its models will stop related sales from December 31, 2023, and some models will be stopped from November 1, 2023.

Previously, @ Technology Media Power Plant reported that Xiaomi had taken on the automobile production qualification from Bowo Automobile. As for the question of production qualification after the cancellation of Bowo's production qualification, Xiaomi Automobile said in response to a reporter's question that "it will be released at an appropriate time."

According to the car blogger @ Discovery Channel, the main factory of Xiaomi Automobile Phase I has been completed, and the installation of internal equipment is temporarily unknown.

▲ Touyuan Weibo @ CTOnews.com has reported that Foton Motor issued an announcement on November 31, 2022 that Beijing Baowo Automobile Co., Ltd. was officially declared bankrupt.

Founded in Germany in 1919, Bowo sold more than 1 million cars a year, second only to Volkswagen and Opel at that time, and had the same brand strength as Mercedes-Benz, but 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. 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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