Silver Box Acquires Mobius Motors: A New Era for the Kenyan Automaker
Silver Box has acquired Mobius Motors Kenya, concluding financial challenges for the automaker. John Kavila has been appointed COO, while CEO Nicolas Guibert will depart. Silver Box’s plans include expanding Mobius’ market presence and launching new models, despite ongoing competition from second-hand imports. Founded in 2009, Mobius has struggled with demand and financial stability, leading to its recent liquidation. Now, production of Mobius III will restart by mid-2025, with new models expected shortly thereafter.
Silver Box, a Middle East-based investment firm in technology, has acquired Mobius Motors Kenya following the automaker’s financial difficulties that nearly led to its shutdown. This acquisition concludes months marked by unpaid debts and disputes with suppliers, terminating a prior rescue effort. New appointments include John Kavila as COO, while departing CEO Nicolas Guibert endorsed Silver Box as the optimal choice for Mobius’ sustainability and growth.
Kavila expressed his enthusiasm for leading Mobius Motors, highlighting the brand’s innovative reputation and commitment to expanding market share and improving accessibility for Kenyan consumers. Silver Box aims to enhance Mobius’ market outreach by launching new models and strengthening the service network, although challenges such as competition from used car imports and financial instability persist.
Mobius Motors, founded in 2009 by British entrepreneur Joel Jackson, aimed to produce affordable, durable SUVs tailored for African conditions. The company raised $56 million from diverse investors, yet faced significant competition from second-hand imports. Despite several model launches, including the Mobius I, II, and III, demand remained weak, which led to production relying on pre-orders and refundable deposits.
In August 2024, Mobius voluntarily entered liquidation after unsuccessful attempts to secure a turnaround. Shortly thereafter, an undisclosed buyer’s acquisition offer interrupted the creditors’ meeting. The Kenyan Trade Ministry had been pursuing potential recovery strategies, while two automotive dealers showed interest in the brand.
In addition to its SUV offerings, Mobius possessed a robust production facility in Nairobi equipped for various stages of vehicle manufacturing and a distribution partnership with Chinese automaker BAIC that assisted in launching the Mobius III. Under Silver Box, Mobius is set to resume production of the Mobius III by July 2025 and introduce a new off-road model by December 2025, leveraging existing facilities for future models and design advancements.
The acquisition of Mobius Motors by Silver Box marks a pivotal shift for the Kenyan automaker, providing a lifeline following its recent financial struggles. With new leadership and a strategic focus on market expansion, the brand aims to overcome competition and accessibility challenges. However, the journey ahead requires navigating various obstacles, including financial recovery and consumer demand.
Original Source: techcabal.com