Silver Box Acquires Mobius Motors: A New Chapter for Kenyan Automaker
Silver Box has acquired Mobius Motors, a struggling Kenyan automaker, after it faced financial difficulties and announced plans to shut down. John Kavila is appointed as COO, as CEO Nicolas Guibert steps down. Silver Box intends to expand Mobius’ market share and product offerings while addressing ongoing challenges in the automotive market.
Silver Box, a company based in the Middle East that concentrates on technology investments, has successfully acquired Mobius Motors, a Kenyan automaker that was facing financial challenges. This acquisition comes six months after Mobius indicated its intention to cease operations. The takeover concludes a series of financial difficulties, which included unpaid debts and a failed rescue plan.
Following this acquisition, John Kavila has been appointed as the Chief Operating Officer of Mobius Motors. Nicolas Guibert, the former CEO who supported the sale, will depart from the company. Kavila expressed his commitment, stating, “I am deeply honoured to lead Mobius Motors, a company renowned for its bold and innovative approach in creating a truly unique Kenyan brand.”
Silver Box aims to enhance Mobius’ market presence, introduce new vehicle models, and strengthen its service network. Nevertheless, significant challenges remain, such as fierce competition from used car imports and ongoing financial instability. The success of this acquisition hinges on Mobius overcoming these obstacles.
Mobius Motors was founded in 2009 by British entrepreneur Joel Jackson with the vision of producing affordable SUVs tailored for African terrains. The company successfully secured $56 million in funding from various investors but struggled to compete against the influx of second-hand vehicles from other countries.
Despite launching models like Mobius I, II, and III since its first introduction in 2014, sales were hindered by low demand and reliance on pre-orders. Mobius was forced into voluntary liquidation in August 2024 due to an inability to turn the company around, although an acquisition offer was received shortly before a creditors’ meeting.
Mobius not only produced its SUV lineup but also boasted a capable production facility in Nairobi, which included the capacity for vehicle assembly and testing, alongside a partnership with Chinese automaker BAIC for the production of Mobius III models. Following its acquisition, Silver Box plans to reopen the service centre and resume production of Mobius III by July 2025, with a new off-road SUV model slated for release by December 2025.
The acquisition of Mobius Motors by Silver Box marks a pivotal moment for the struggling Kenyan automaker, which had previously faced severe financial difficulties. With new leadership and a focus on expanding market presence, Mobius has the potential to revitalize its brand and products. However, the company must navigate persistent challenges, including competition and consumer demand. The future will depend on how effectively Silver Box leverages Mobius’ existing resources and infrastructure to sustain growth and innovation.
Original Source: techcabal.com
