Kenya’s automaker Mobius Motors has accepted an acquisition offer from an undisclosed buyer. The buyout comes as a lifeline for the company to avert voluntary liquidation.
According to a statement by Mobius’ CEO Nicolas Guibert, the deal involves the acquisition of 100 percent of the company’s shares. “Both parties are looking to close the transaction within 30 days,” he said.
Mobius Motors has faced financial challenges and has struggled to pay employees and creditors. In a meeting held on 5th August 2024, Mobius’ shareholders resolved to liquidate the company after 12 years of operation in the country.
Found in 2011 by a London-born entrepreneur Joel Jackson, Mobius Motors focuses on building vehicles uniquely designed for Africa. Initially, the company developed a boxy and no-frills entry-level SUV that could traverse the rugged terrain and rough roads in the African continent.
It later launched the Mobius II and Mobius III, which had updated features. Mobius II offers African consumers cost-friendly vehicles, retailing at around Ksh1.5 million.
Since its launch, Mobius has raised USD 56 million from 9 investors. In 2018, the company received Kes500 million from the Overseas Private Investment Corporation (OPIC), a U.S. Government’s development finance institution, to build a factory in the Kenyan Capital. Other major investors in Mobius include UK-based Playfair Capital, Angel Talent, VestedWorld, Kepple Africa, and AngelList Talent.
