Silver Box acquires Kenya’s Mobius Motors after failed rescue attempts

Silver Box acquires Kenya’s Mobius Motors after failed rescue attempts

02:52

Silver Box, a Middle East-based company that invests in tech products and services, has acquired Mobius Motors Kenya, taking over the struggling automaker six months after it announced plans to shut down. The acquisition ends months of financial struggles, including unpaid debts, supplier disputes, and a failed rescue plan.

As part of the acquisition, John Kavila has been appointed as the new COO. CEO Nicolas Guibert, who backed the sale and called Silver Box the best option for sustaining and growing Mobius, will also leave the automaker post-acquisition. 

“I am deeply honoured to lead Mobius Motors, a company renowned for its bold and innovative approach in creating a truly unique Kenyan brand,” Kavila said in a statement seen by TechCabal. “Mobius Motors has built an exceptional foundation, and we are eager to build on this success by focusing on expanding our market share and increasing accessibility for Kenyan consumers.”

Silver Box plans to expand Mobius’ market presence, roll out new models, and strengthen its service network. However, it remains an open question whether the brand can overcome the challenges that led to its collapse, including stiff competition from second-hand imports, weak demand, and financial instability.

Founded in 2009 by British entrepreneur Joel Jackson, Mobius set out to build affordable, rugged SUVs suited for African roads. The company raised $56 million from investors like Playfair Capital, Chandaria Industries, the U.S. government’s DFC, and Pan-African Investment. 

Mobius’s first model, released in 2014, was priced at $10,000 (KES 1.3 million), far cheaper than traditional SUVs. Despite launching multiple models, including Mobius I, II, and III, the brand struggled against the dominance of second-hand imports from Japan, the UK, and Asia. Production was based on pre-orders with refundable deposits, indicating low demand.

Mobius entered voluntary liquidation in August 2024 after failing to secure a turnaround. The company postponed a scheduled creditors’ meeting after receiving an acquisition offer from an undisclosed buyer on August 14. Two automotive dealers were reported to be interested in the brand, and Kenya’s Trade Ministry had explored potential rescue options.

Beyond its SUV lineup, Mobius owned a well-equipped Nairobi production facility capable of vehicle frame fabrication, anti-corrosion treatment, assembly, painting, and quality testing. It also had a research and development unit and a distribution deal with Chinese automaker BAIC, which helped launch the Mobius III.

Now under Silver Box, Mobius has reopened its service centre and will restart production of the Mobius III by July 2025. A new model, continuing its focus on off-road SUVs, is expected by December 2025. The new owners could leverage Mobius’ Nairobi plant to produce their models or continue refining Mobius’ existing designs.



from TechCabal https://ift.tt/fIHOGh8
via IFTTT

About

I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.

Write your views on this post and share it. ConversionConversion EmoticonEmoticon

:)
:(
=(
^_^
:D
=D
=)D
|o|
@@,
;)
:-bd
:-d
:p
:ng
Subscribe to: Post Comments (Atom)