UCAR acquired BORGWARD, Jason Yang as VP of Foton Group

On December 28th, IIA learned from insiders of BORGWARD that the current BORGWARD AUTO CEO Jason Yang will be the vice president of Foton Group and will no longer be responsible for BORGWARD AUTO. Within 10 months of joining BORGWARD AUTO, Jason Yang and his team gave the brand a new definition and vitality. For BORGWARD AUTO, his departure represents the completion of the stage goal, which is a turning point and a new starting point.

(Jason Yang)

In addition, UCAR and another company contributed a total of 3.868 billion yuan to obtain a 67% stake in BORGWARD. Since the transfer of Foton Motor's public listing more than a month ago, the acquisition finally settled in 2018.

After UCAR acquired BORGWARD shares, FOTON Group conducted personnel transfer to BORGWARD AUTO: Bruno Lambert, former president of Magna Asia, will be the president of BORGWARD AUTO; Wang Jicheng will concurrently serve as director of customer relationship management and director of Eastern Special Zone of BORGWARD AUTO Marketing Company; Xiao Juan will be the Director of Marketing Department of BORGWARD AUTO Marketing Company; Cheng Quan will be the Director of Southern Region of BORGWARD AUTO Marketing Company; Fan Wei will also be the Director of Western Region of BORGWARD AUTO Marketing Company; Liang Guoxu will be the Deputy Director of Network Development Department of BORGWARD AUTO Marketing Company (presiding) and Central Special Zone Director.

(Bruno Lambert)

On December 28th, BORGWARD AUTO and UCAR announced that they will together establish a comprehensive strategic partnership to develop a new retail model for automobiles. According to the agreement, they will form a marketing working group, with Zhang Zhigang as the team leader.

On October 9, 2018, FOTON AUTO disclosed on the website of the Shanghai Stock Exchange the “Notice on the Pre-Placing of a 67% Equity Interest in Beijing BORGWARD AUTO Co., Ltd.”. On October 11, Foton Motor issued a “Proposal on the Public Listing and Transfer of 67% Equity of Beijing BORGWARD AUTO Co., Ltd.” to all directors by means of e-mail, fax and personal delivery. On November 15, Foton Motor passed the proposal to transfer 67% of Beijing BORGWARD AUTO Co., Ltd.