BERLIN (Bloomberg) -- Borgward is seeking investors as well as buyers as it plots a revival that includes plans for at least five models. The German carmaker unveiled its first model for 54 years, the BX7 SUV, on Tuesday at the Frankfurt auto show.
The company, which is based in Stuttgart and backed by Chinese commercial-vehicle maker Beiqi Foton Motor, targets sales of more than 500,000 autos in the "medium term," CEO Ulrich Walker said in an interview.
Borgward, once Germany's third-biggest carmaker, plans to launch sales with the midsize SUV, before adding two smaller SUVs, a sedan and a van.
"We'll make our moves in manageable steps," said Walker, a former Daimler executive.
Additional long-term investors would give the company a broader base for expansion. The former maker of the Borgward Isabella and Hansa 1500 is the latest defunct brand seeking to make a comeback, joining the likes of UK sports-car makers TVR and Bristol Cars.