The Kenya-based automaker, Mobius Motors secures a 100% acquisition deal days after announcing its shutdown.
In a notice, Mobius Motors director Nicolas Guibert announced that on August 14, the company accepted a bid for a 100% acquisition, although the buyer’s identity remains undisclosed. The transaction is expected to be completed within 30 days.
Mobius has also postponed a creditors’ meeting, originally set for August 15 at its Nairobi factory, which was meant to approve KVSK Sastry as the liquidator for the liquidation process. The postponement is to facilitate ongoing acquisition negotiations.
Mobius Motors was set to cease operations under the Insolvency Act due to financial difficulties, including unpaid supplier debts and salaries. The decision to enter voluntary liquidation was made following a shareholders’ meeting on August 5, 2024. The list of creditors and proxy forms were made available for inspection at the company’s office.
Founded in 2009
Founded in Kenya in 2009 by British entrepreneur Joel Jackson, Mobius introduced an SUV designed for African conditions in 2014. The company raised $56 million across five funding rounds, with Playfair Capital, a UK-based venture capital firm, as its primary backer.
However, a few days after announcing its closure, Business Daily reported that at least two rival dealers were interested in acquiring Mobius, offering to rescue the company.
Additionally, Hassan Abubakar, Permanent Secretary for Trade and Industry, reportedly stated that he and the Kenya Association of Manufacturers (KAM) had visited the company’s plant to discuss a potential rescue plan.
Other automakers in Kenya are focusing on electric vehicles, including BasiGo, Chery, Moja, and BYD. In April 2024, electric mobility startup BasiGo unveiled the country’s first specialized assembly line for modern electric buses.
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Chinese electric vehicle manufacturer Chery partnered with Afrigreen Automobile to invest $20 million in Kenya’s electric vehicle (EV) sector, with plans to build an assembly plant in Nairobi. In June 2024, another Chinese EV manufacturer, Neta, entered the market by investing in a Kenyan company called Moja EV Kenya to assemble 250 electric vehicles monthly.
Besides, Build Your Dreams (BYD), a Chinese EV manufacturer, has also expanded into Kenya.
