China Automobile Deutschland is to bankrupt
07/17/2009
China Automobile Deutschland (CAD) is to bankrupt – according to German auto-reporter.net. The phone in the company is off, and the official website disappeared. Tatiana Podkatilow, ex marketing chief admits, that low demand was one of the most important reason of such decision. Though, that there are still some cars left, tribunal in Munich affirmed bankruptcy of CAD.
The crucial moment was the lost process with BMW, in effect of which importer bound to destroy off-road X5 copy and paying additional penalty. Though many announcements, in CAD’s offer there were only two models - Shuanghuan CEO (around 26,000 EUR) and not less controversial Jonway UFO (15,990 EUR).
It is worth to add, that the French company’s department is still running, but under changed address:
http://www.wix.com/china33/home.