Kenya’s Mobius Motors Secures Buyer Following Closure Announcement
A week after Mobius Motors, a Kenya-based automaker supported by Playfair Capital, announced its shutdown, the company has accepted an acquisition offer from an undisclosed buyer.
Nicolas Guibert, a director at Mobius, stated, “On August 14, Mobius accepted a bid to acquire 100% of its shares from an undisclosed buyer. Both parties are aiming to finalize the transaction within the next 30 days.”
As a result of the acquisition offer, Mobius has postponed a creditor meeting originally scheduled for Thursday to facilitate the ongoing negotiations.
The potential buyer may be interested in utilizing Mobius’s Nairobi assembly plant either to manufacture their own models or to continue producing Mobius vehicles, which are designed for small and medium-sized enterprises (SMEs) in sectors such as infrastructure, agribusiness, and supply chains operating in remote areas.
On August 9, Business Daily reported that two dealers were exploring the possibility of acquiring the financially troubled car manufacturer, with hopes of revitalizing the brand.
This development follows a visit to the Mobius plant by Hassan Abubakar, Permanent Secretary for Trade and Industry, along with representatives from the Kenya Association of Manufacturers (KAM), to discuss potential rescue strategies.
Mobius’s production facility is equipped to handle vehicle frame fabrication, anti-corrosion treatment, general assembly, painting, quality testing, and final inspection, and also includes a research and development unit.
The company has a distributorship agreement with Chinese automaker BAIC, which played a key role in launching the Mobius III, an upgraded version of its earlier models, Mobius I and Mobius II.
Founded in 2009 by British entrepreneur Joel Jackson while in Kenya, Mobius introduced a cost-effective SUV model in 2014 specifically designed for African roads. The initial model was priced at $10,000 (KES 1.3 million), significantly lower than typical SUV prices in Kenya. The Mobius III was retailing at $43,000, compared to over $65,000 for imported and locally assembled models like the Toyota Land Cruiser Prado, Land Rover Defender, and Jeep Wrangler.