Silver Box acquires Mobius Motors, aiming to resolve its financial struggles and expand market presence. John Kavila becomes the new COO, succeeding Nicolas Guibert. The company plans to resume production and introduce new models, while facing ongoing industry challenges.
Silver Box, a company based in the Middle East that invests in technological products and services, has successfully acquired the struggling Kenyan automaker, Mobius Motors. This acquisition follows the automaker’s announcement to shut down, signaling the resolution of several months marked by financial difficulties, such as unpaid debts and supplier disputes.
With this acquisition, John Kavila has been appointed as the new Chief Operating Officer. Meanwhile, CEO Nicolas Guibert, who supported the sale, is set to leave the company. He referred to Silver Box as the optimal choice for the sustainability and growth of Mobius Motors.
Kavila expressed enthusiasm for leading Mobius, acknowledging the automaker’s innovative reputation and commitment to creating a unique Kenyan brand. He conveyed intentions to build upon the foundation laid by Mobius, focusing on expanding market presence and increasing accessibility for Kenyan consumers.
Silver Box’s plans for Mobius include enhancing its market presence, introducing new models, and strengthening the service network. However, concerns linger regarding the brand’s ability to overcome past challenges, including strong competition from second-hand imports and ongoing financial instability.
Mobius Motors was founded in 2009 by British entrepreneur Joel Jackson, with the aim of manufacturing affordable SUVs suited for African terrain. The company managed to raise $56 million from various investors, including Playfair Capital and the U.S. government’s DFC. Their initial model, launched in 2014, was priced attractively compared to traditional SUVs, but Mobius faced difficulty against the prevalent market of second-hand imports.
Following the failure to secure a turnaround strategy, Mobius Motors entered voluntary liquidation in August 2024. The company had postponed a creditors’ meeting after receiving an acquisition offer. Reports indicated that two automotive dealers showed interest in the brand.
Mobius possesses a well-equipped production facility in Nairobi with capabilities in various manufacturing processes. Despite the liquidation, the new owners have planned to reopen the service center and resume production of the Mobius III by July 2025, with a new model expected to be unveiled by December 2025.
This acquisition presents an opportunity for leveraging Mobius’s capabilities in Nairobi, potentially leading to the production of new models or continued refinement of existing designs.
In summary, Silver Box’s acquisition of Mobius Motors presents both opportunities and challenges for the struggling Kenyan automaker. With John Kavila stepping in as COO and new initiatives planned to expand market reach and production, there is cautious optimism about the future. Nevertheless, Mobius must navigate substantial obstacles from competition and financial instability to ensure a successful turnaround.
Original Source: techcabal.com
