Baowo Automobile officially declared bankruptcy. What is the reason?

The reason for the bankruptcy of Baowo Automobile is that the capital chain is broken, the financial resources are exhausted, and it is unable to repay the debts due and insolvent. Foton Motor said that due to the loan, debt, guarantee and equity investment income of Baowo Automobile, the total profit of 202 1 is expected to be negative about 5.326 billion yuan.

Baowo Automobile used to be a famous luxury car brand in Germany. 19 19, Karl Baowo of Germany founded Baowo Automobile in Bremen, Germany. Baowo Automobile has developed rapidly since its establishment, and its product lines include cars, sports cars, buses, fire engines, boats, trucks and even helicopters. At its peak, Baowo was the third largest automobile manufacturer in Germany, with an automobile export share of over 60%.