(Yicai Global) Nov. 2 -- Chinese automaker Beiqi Foton Motor Co. [SHA:600166] is looking to introduce new investors into wholly-owned subsidiary Borgward Group AG and considers Baoneng Group a likely buyer, insiders familiar with the carmaker told National Business Daily.

Beiqi bought Borgward, the German car brand that went bust over 50 years ago, in 2014, spending EUR5 million (USD5.82 million) on a 100-percent stake and then registering the brand in the US, China and India. In 2016, it unveiled the BX7 sports-utility vehicle, selling over 5,000 units a month and seemingly resurrecting the European carmaker.

Since then, Beiqi has looked to develop Borgward worldwide, but needs financial support, its latest financials show. The BX7's follow-up will need a large cash injection, which is why the firm is looking for outside investment.

The firm invested a lot of money in Borgward early on, so won't be willing to sell the division entirely. It will likely just sell off limited equity, auto industry analyst Tian Yongqiu said.