Kenyan vehicle manufacturer Mobius Motors is set to close its operations in Kenya after shareholders approved a plan to place the company under liquidation.
It marks the end of the firm’s efforts to build and market vehicles tailored for the African continent.
In a notice, Mobius Motors Kenya Director Nicolas Guibert announced that KVSK Sastry has been appointed as the liquidator to oversee the winding-up process.
The liquidation process will involve orderly settling of the company’s debts and distributing any remaining assets to shareholders.
“At a meeting of the Shareholders held on 5-Aug-2024, it was resolved to place the Company under Liquidation as per Section 393(1)(b) of the Insolvency Act and to appoint KVSK Sastry as the Liquidator to wind-up the Company,” said Guibert.
Following the shareholders’ decision, Guibert mentioned that the firm would engage with its creditors to consider the insolvency.
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“A list of names of the Creditors and Proxy forms will be made available, free of charge, for inspection on 9-Aug-2024 at the Company’s offices at Mobius Motors office, Block C3, Sameer Business Park, Mombasa Road, Nairobi.”
Mobius Motors was founded in 2011 by British entrepreneur Joel Jackson, with the ambitious goal of designing and manufacturing vehicles specifically for the African market.
The company launched its first-generation vehicle, Mobius 2, priced at Ksh.1.5 million, in 2015. This was followed by the introduction of Mobius 3, priced at Ksh.3.9 million.
In 2020, Mobius Motors secured $5 million from the US government’s development finance institution, the Overseas Private Investment Corporation, to establish a new manufacturing plant.
Despite this investment, the company has now decided to cease its operations in Kenya.
