Maker of Africa's cheapest car receives $5 million loan to set up Nairobi plant
Mobius targets to churn out an additional 1,900 vehicles by 2019.
OPIC says the loan will be used to expand production with Mobius targeting to churn out an additional 1,900 vehicles by 2019.
The factory, to be unveiled mid this year, will be equipped with new technology that enables end-to-end production capabilities that include fabrication of the vehicle frame, anti-corrosion treatment, general assembly, painting and final inspection and quality testing.
“We believe that the growth of manufacturing will be a vital part of Kenya’s industrialisation story over the next decade and beyond, and Mobius will play a key role in realising this vision,” said Mobius Motors, chief executive office, Joel Jackson.
Mobius Production Director avid Burton described the company’s approach, saying, “The Mobius factory will incorporate global best practice in lean production....that will be run to our exacting standards of operational excellence.”
The firm has to date manufactured and sold 50 units, all produced at Thika-based motor vehicle assembler Kenya Vehicle Manufacturer.
OPIC’s $5 million loan is part of an $11 million financing, which also includes investment from the New York-based PanAfrican Investment Co.
The vehicle manufacturer received its first Mobius II pre-order in August 2016 after the first generation model sold out. The new vehicle is priced at Sh1.58 million.
Among the advanced features that come with new vehicle include power steering, sealed side windows, lockable doors, a higher ground clearance, an improved exterior and interior design, features which were absent in the first model.
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