African car maker sets base in Kenya
09 May 2014, 14:01
Nairobi - The firm that created first cars specifically for the African market, announced its expansion to Kenya.
Mobius Motors said it has raised a new investment round of convertible debt led by Pan-African Investment Company (PIC).
The investment in Mobius will help the company complete its first production run of 50 Mobius II vehicles and establish a distribution base in Kenya.
The company has already received pre-orders for the Mobius II vehicles and will begin the concept development of its next-generation vehicle, Mobius III, scheduled for production launch in 2016.
Dana Reed, CEO of PIC, stated, "Joel Jackson has built a world class team of managers and operators from the industry including the Head of Engineering and the Purchasing Manager from two global car makers as well as a team of product and engineering managers from Kenya with deep experience in the African motor industry," Reed said.
He said the Mobius vehicles would create a transport platform empowering local entrepreneurs and villagers.
"PIC is pleased to be working with Mobius to help create value in the company while driving job growth and entrepreneurism in Kenya."
Joel Jackson, Founder and CEO of Mobius Motors, said his company was re-imagining the car for Africa's mass market.
"We are thrilled to gain the support of visionary investors such as PIC who see the social and commercial potential of our products across the continent," he said.
"In addition to the continued support of our existing investors, we are excited to apply the world-class business experience of Ronald Lauder and Richard Parsons to the future growth of Mobius in Africa," he added.
- CAJ News
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