Silver Box Acquires Mobius Motors: A New Chapter for Kenyan Automaker

Silver Box has acquired Mobius Motors Kenya, which was facing significant financial troubles. John Kavila has been appointed as the new COO, while CEO Nicolas Guibert will leave. The plan includes market expansion and introduction of new models, but challenges persist, such as competition from used imports and financial instability.

Silver Box, a Middle East-based investment firm specializing in technology, has acquired the struggling Kenyan automaker Mobius Motors. This acquisition occurs six months after Mobius announced plans to cease operations amid significant financial difficulties, including unresolved debts and supplier issues.

Following the acquisition, John Kavila has been appointed as the new Chief Operating Officer, while the current Chief Executive Officer, Nicolas Guibert, will depart. Guibert, a proponent of the sale, regarded Silver Box as a viable option for ensuring Mobius’s future growth and sustainability.

Kavila expressed enthusiasm about his new role, stating, “I am deeply honored to lead Mobius Motors, a company renowned for its bold and innovative approach in creating a truly unique Kenyan brand.” He emphasized the company’s solid foundation and commitment to expanding market share and accessibility for Kenyan consumers.

Silver Box aims to enhance Mobius’s market presence by introducing new models and strengthening the service network. However, it remains uncertain if Mobius can overcome previous challenges such as stiff competition from used imports and financial instability.

Founded in 2009 by British entrepreneur Joel Jackson, Mobius aimed to produce affordable, rugged SUVs suitable for African terrains, raising $56 million from various investors. Despite launching several models since 2014, the brand faced significant hurdles against the presence of second-hand vehicles.

In August 2024, Mobius entered voluntary liquidation following unsuccessful attempts to turnaround operations. The acquisition was negotiated amidst attempts to engage potential buyers, as automotive dealers showed interest in the brand.

Mobius operated a proficient Nairobi facility capable of frame fabrication, assembly, and quality testing, alongside a research and development unit. Under Silver Box’s ownership, Mobius has reopened its service center and plans to resume production of the Mobius III by July 2025, with a new off-road SUV model anticipated by December 2025.

The acquisition of Mobius Motors by Silver Box represents a significant shift for the automaker facing financial struggles. With a new leadership team in place, Silver Box aims to revitalize the brand by expanding its market presence and introducing new models. However, the challenges that led to Mobius’s prior difficulties remain a point of concern as the company embarks on this new chapter. Both the legacy of Mobius and its future depend on effective execution of the planned strategies and overcoming competitive market pressures.

Original Source: techcabal.com