Kenyan car manufacturer Mobius Motors is set to restart its operations following its acquisition by a buyer from the Middle East.
Founded in 2010 by British entrepreneur Joel Jackson, Mobius faced significant financial challenges and announced last August that it had appointed a liquidator to manage its winding down due to mounting debts.
On Tuesday, the company revealed that it has been purchased by Silver Box, a firm known for propelling businesses forward through strategic investments, expert management, and cutting-edge technology.
While the specifics of the buyer remain undisclosed, Mobius confirmed that Silver Box is based in the Middle East.
Prior to its financial difficulties, Mobius had successfully launched three SUV models: the Mobius I, II, and III.
Following the acquisition, Mobius has reopened its service center in Nairobi and plans to fully resume production of the Mobius III model by July. Additionally, the company aims to introduce a new model by December.
In conjunction with the buyout, Mobius has undergone a leadership change, appointing John Kavila as the new chief operating officer (COO), succeeding outgoing CEO Nicolas Guibert.
“Mobius Motors has established a remarkable foundation, and we are excited to build on this success by enhancing our market presence and improving accessibility for Kenyan consumers,” Kavila stated.
Guibert expressed confidence in Kavila’s leadership, stating, “I’m pleased to pass the reins to John Kavila, who will drive the development of Mobius Motors… He will receive the visionary and financial backing from Silver Box to effectively grow the brand’s market share, launch new models, establish a network of service stations, and position Mobius Motors as a key player in the African automotive market.”
The Competition Authority of Kenya (CAK) has approved the acquisition, in accordance with regulations requiring that merging entities with a combined turnover or assets exceeding Ksh.1 billion seek authorization from the Authority before proceeding with the transaction.
