Silver Box has acquired Mobius Motors Kenya after its financial struggles and impending shutdown. John Kavila has been appointed COO, and plans to expand market presence while addressing challenges faced by the automaker. Founded in 2009, Mobius aimed to manufacture affordable SUVs but faced stiff competition. Production is set to resume under the new ownership.
Silver Box, a firm based in the Middle East that specializes in investments in technology, has successfully acquired Mobius Motors Kenya, which had struggled financially and recently announced a potential shutdown. This acquisition marks the end of a turbulent period for the automaker, characterized by unpaid debts and a failed rescue plan. John Kavila has been named as the new Chief Operating Officer, while the outgoing CEO, Nicolas Guibert, endorses Silver Box as the ideal partner for future growth.
The acquisition of Mobius Motors by Silver Box signifies a potential turning point for the struggling automaker. With new leadership and renewed investment, there is hope for expansion and the introduction of new models. However, overcoming systemic challenges, such as competition from used vehicle imports and improving market demand, will be crucial for sustaining Mobius’ operations moving forward.
Original Source: techcabal.com
