Silver Box Acquires Mobius Motors, Aims to Revitalize Kenyan Automaker

Silver Box has acquired Mobius Motors, aiming to revitalize the Kenyan automaker that faced shutdown due to financial difficulties. John Kavila is appointed COO, while CEO Nicolas Guibert will step down. Mobius plans to launch new models and enhance its service network while navigating ongoing challenges from second-hand vehicle imports.

Silver Box, a Middle East investment firm, has acquired Mobius Motors in Kenya, a move that follows months of financial turmoil for the automaker, which briefly faced shutdown. This acquisition aims to secure the future of Mobius Motors amidst previous unpaid debts and difficulties with suppliers. As part of this transition, John Kavila has been appointed as the new Chief Operating Officer (COO), while CEO Nicolas Guibert will step down after supporting the sale.

In his statement, John Kavila expressed pride in leading a company known for its innovative Kenyan brand and is committed to enhancing market share and consumer accessibility. Silver Box intends to strengthen Mobius’s market presence by introducing new models and improving the service network. However, significant challenges persist, such as fierce competition from second-hand imports and ongoing financial instability.

Founded by British entrepreneur Joel Jackson in 2009, Mobius Motors aimed to produce affordable and rugged SUVs for African roads. The company initially garnered support, raising $56 million from significant investors. Despite launching models priced competitively, Mobius struggled against the influx of second-hand vehicles, resulting in low consumer demand.

In August 2024, Mobius announced voluntary liquidation as it could not secure a successful turnaround, despite interest from potential buyers and government support. While the brand faced this downturn, it maintained a fully equipped production facility in Nairobi, allowing for a range of automotive capabilities.

With Silver Box at the helm, Mobius has resumed operations, including the repair of its service center, and plans to recommence production of the Mobius III by July 2025. Furthermore, a new off-road SUV model is slated for release by December 2025. Silver Box may utilize Mobius’ Nairobi plant for additional design refinements or to produce its own vehicle models.

The acquisition of Mobius Motors by Silver Box represents a significant development for the struggling automaker, aiming to revitalize its operations and market presence. With new leadership and a focus on expanding accessibility, challenges from competition and low demand remain evident. However, the reopening of the production facility and planned model launches signal a potential new chapter for Mobius Motors.

Original Source: techcabal.com