One week after announcing its closure, Mobius Motors, a Kenya-based automaker backed by Playfair Capital, has accepted an acquisition offer from an undisclosed buyer. This development comes as a significant turnaround for the company, which had been struggling financially.
On August 14, Nicolas Guibert, a director at Mobius, confirmed that the company agreed to sell 100% of its shares. The deal is expected to be finalized within 30 days. Consequently, Mobius has postponed its meeting with creditors originally scheduled for this Thursday to facilitate the ongoing acquisition discussions.
The prospective buyer may utilize Mobius’ Nairobi assembly plant to manufacture new vehicle models or continue producing the existing Mobius cars. These vehicles, designed for SMEs in infrastructure, agribusiness, and remote areas, have been crucial for businesses operating in challenging environments.
Earlier in August, Business Daily reported that two dealers were exploring options to acquire Mobius, with hopes of revitalizing the brand. This came after Hassan Abubakar, Permanent Secretary for Trade and Industry, and the Kenya Association of Manufacturers (KAM) visited the company’s plant to discuss potential rescue plans.
Mobius Motors, founded in 2009 by Joel Jackson, has been known for its affordable, stripped-down SUVs tailored for African roads. The company’s flagship models, Mobius I and II, were priced significantly lower than comparable SUVs, with the latest Mobius III retailing at $43,000.
The company also holds a distributorship agreement with Chinese automaker BAIC, which played a role in launching the advanced Mobius III model. This acquisition could pave the way for continued production and innovation in Kenya’s automotive industry.
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