Troubled Kenyan car assembler Mobius Motors is set to resume operations following its acquisition by a Middle Eastern investor.
The company, founded in 2010 by British businessman Joel Jackson, had announced in August 2024 that it was winding up after struggling with mounting debts.
However, in a statement on Tuesday, Mobius confirmed it had been acquired by Silver Box, a company specializing in strategic investments, corporate management, and technology-driven business growth.
While details about the buyer remain scant, Mobius revealed that the acquisition has enabled it to reopen its Nairobi service center. Full-scale production of the Mobius III model is set to resume by July, with plans to launch a new model by December.
Before facing financial difficulties, Mobius had developed three SUV models—the Mobius I, II, and III.
Following the acquisition, Mobius underwent a leadership shake-up, with John Kavila taking over as Chief Operating Officer (COO) from outgoing CEO Nicolas Guibert.
“Mobius Motors has built an exceptional foundation, and we are eager to build on this success by focusing on expanding our market share and increasing accessibility for Kenyan consumers,” Kavila stated.
Guibert expressed confidence in the transition, saying, “I’m happy to hand over to John Kavila, who will pursue the development of Mobius Motors… He will get the visionary and financial support from Silver Box to successfully expand the brand’s market share, introduce newer models, develop a network of service stations, and position Mobius Motors as a major player on the African continent.”
The Competition Authority of Kenya (CAK) approved the acquisition, stating that the combined assets and turnover of the merging entities fell below the Ksh.1 billion threshold required for major transactions.
“Upon analysis of the information provided by the parties in their application, the Authority determined that their combined turnover/assets were below the set threshold and, therefore, the transaction was approved in October 2024,” CAK Director-General David Kemei said.
He added that the deal would safeguard jobs and ensure the company continues contributing to Kenya’s economy.
Until 2024, Mobius had received investments totaling approximately Ksh.5 billion from various backers, including U.K.-based venture capital firm Playfair Capital, Chandaria Industries, the U.S. International Development Finance Corporation, and private investment firm PanAfrican Investment.
With fresh backing from Silver Box, Mobius is now aiming for a strong comeback in Kenya’s automotive sector.
