Silver Box has acquired Mobius Motors Kenya, which faced financial difficulties and was close to shutting down. John Kavila is the new COO, while CEO Nicolas Guibert will leave following the sale. The acquisition aims to expand market share and production of off-road SUVs, with plans to restart production by mid-2025.
Silver Box, a Middle East-based investment firm in tech, has acquired Mobius Motors Kenya, which was on the verge of shutting down due to financial difficulties. This acquisition follows a series of struggles for the automaker, including unpaid debts and disputes with suppliers. With John Kavila appointed as the new COO, CEO Nicolas Guibert, who supported the sale, will depart post-acquisition.
In his statement, John Kavila expressed pride in leading Mobius Motors, highlighting its innovative approach to creating a unique Kenyan brand. He emphasized the company’s solid foundation and the ambition to expand market share while enhancing accessibility for Kenyan consumers. Silver Box intends to amplify Mobius’ market presence, introduce new models, and bolster its service network.
Founded in 2009 by Joel Jackson, Mobius aimed to manufacture affordable and rugged SUVs designed for African terrain, securing $56 million from notable investors. Despite launching three models since 2014, Mobius struggled against the competition from second-hand vehicle imports, resulting in a weak market demand. This led Mobius to enter voluntary liquidation in August 2024.
After an acquisition offer emerged in August, Mobius postponed a creditors’ meeting amidst talks with potential buyers, including automotive dealers. Despite challenges, the company possesses a well-equipped production facility in Nairobi, capable of various automotive functions, alongside a research and development unit.
Under Silver Box’s ownership, Mobius has reopened its service center and plans to restart production of the Mobius III by July 2025, with a new model focused on off-road capabilities expected by December 2025. This strategic move may enable the new owners to either utilize Mobius’ facility for new models or refine existing designs.
The acquisition of Mobius Motors by Silver Box represents a significant opportunity for the struggling automaker to revitalise its operations. With new leadership and a strategic focus on expanding market presence and production, Mobius aims to overcome the financial difficulties that previously impeded its growth. The preservation of its Nairobi facility and the reopening of its service center signify a long-term commitment to the brand’s future in the competitive automotive sector.
Original Source: techcabal.com
