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Kenya’s Mobius Motors gets a Buyer after Closure Announcement
Mobius Motors, a Kenyan automaker backed by Playfair Capital, has accepted an acquisition offer from an undisclosed buyer just one week after announcing its closure.
The company, known for its affordable and rugged Mobius cars designed for African roads, has postponed a meeting with its creditors to allow the acquisition negotiations to proceed.
Acquisition Details and Potential Plans
According to Nicolas Guibert, a Mobius director, the acquisition deal involves the purchase of 100% of the company’s shares, with both parties aiming to close the transaction within 30 days.
The interested buyer may be looking to utilize Mobius’s assembly plant in Nairobi to produce their own models or continue manufacturing the Mobius cars, which target small and medium-sized enterprises (SMEs) in infrastructure, agribusiness, and supplies operating in remote areas.
Rescue Efforts and Mobius’s Capabilities
Earlier this month, two dealers were considering acquiring the cash-strapped car maker with the prospect of rescuing the Mobius brand.
Hassan Abubakar, Permanent Secretary for Trade and Industry, and the Kenya Association of Manufacturers (KAM) also visited the company’s plant to discuss a possible rescue plan.
Mobius boasts an expansive production facility capable of fabricating vehicle frames, anti-corrosion treatment, general assembly, painting, quality testing, and final inspection.
The facility also houses a research and development unit.
The company has a distributorship agreement with Chinese automaker BAIC, which was instrumental in the launch of Mobius III, an advanced version of its earlier models, Mobius I and Mobius II.
Read Next: Kenya-based Mobius Motors, Maker of Low-priced SUVs Set to Shut down
Mobius’s History and Market Positioning
Founded in 2009 by British national Joel Jackson while working in Kenya, Mobius pioneered a stripped-down SUV model “built for African roads” in 2014.
The first model cost $10,000 (KES 1.3 million), significantly lower than the market prices of standard SUVs in Kenya.
The Mobius III was retailing at $43,000, compared to imported and locally assembled Toyota Land Cruiser Prados, Land Rover Defenders, and Jeep Wranglers, which cost more than $65,000.
The acquisition of Mobius Motors by an undisclosed buyer presents an opportunity for the Kenyan automaker to continue its mission of providing affordable and reliable vehicles tailored for African roads.
With its robust production capabilities and market positioning, Mobius has the potential to thrive under new ownership and contribute to the growth of the automotive industry in Kenya and beyond.
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