Silver Box, a Middle East-based investment company focusing on technology products and services, has acquired Kenya-based Mobius Motors.
Mobius Motors had announced its bankruptcy six months ago, struggling with unpaid debts, supplier disputes, and failed rescue plans. This acquisition has put an end to all these challenges.
With this move, Silver Box aims to increase Mobius’ market share, introduce new models, and strengthen its service network.
However, the brand first needs to overcome challenges such as fierce competition from second-hand imports, weak demand, and financial instability, which led to its collapse in the first place.
Mobius was founded in 2009 with the goal of producing affordable and durable SUVs suited for African roads. The company raised $56 million from investors such as Playfair Capital, Chandaria Industries, the U.S. government’s DFC, and Pan-African Investment.
The company’s first product, released in 2014, was priced at $10,000 (KES 1.3 million), making it much cheaper than traditional SUVs. However, in the long run, the company struggled against the dominance of second-hand imports from Japan, the UK, and Asia. Demand began to decline steadily.
In August 2024, the company entered voluntary liquidation after failing to secure a turnaround. Following this, two automotive dealerships expressed interest in the brand, and Kenya’s Trade Ministry explored potential rescue options.
Under Silver Box, Mobius has reopened its service center, and production of the Mobius III is set to resume by July 2025.
Additionally, a new model focused on off-road SUVs is expected to launch in December 2025.