
African Vehicle Financing Startup Moove Secures $10 Million to Fuel India Expansion
Moove, a leading African vehicle financing startup, has announced securing $10 million in debt funding from Stride Ventures, a sector-agnostic venture debt firm.
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Mercedes‑Benz, through its Daimler Truck division, has committed to building a truck assembly plant in Senegal.
This effort—formalized in a letter of intent—brings together the Senegalese government, Mercedes‑Benz (Daimler Truck), and local partner Global Truck Systems (GTS) in a three‑way agreement.
The primary aim is to assemble trucks from CKD kits (Completely Knocked Down) supplied by Mercedes‑Benz. These kits will be constructed locally, boosting technology transfer and reducing reliance on imports.
The initial phase will focus on vehicles for state functions—defense, fire departments, and police. Over time, production will broaden to include civilian trucks used in waste management, construction, logistics, and more.
This agreement follows a key meeting between Senegal’s Prime Minister Ousmane Sonko and a Mercedes Trucks delegation led by CEO Franziska Cusumano.
Per statements made on Senegal’s RTS broadcaster, Jan Weber, Commercial Director at Mercedes‑Benz Special Trucks, indicated the first assembly line should be functioning by the end of 2025.
The start of production is expected in 2026, with vehicles delivered to customers shortly thereafter.
Weber noted the project will initially create several hundred jobs, with the potential to expand into the thousands over time.
The Senegalese government is contributing industrial land, tax and customs incentives, and support for training local workers—aligning the project with national plans to build industrial capacity and support skilled employment.
GTS will oversee the assembly plant’s construction and operations, including hiring, workforce training, vehicle assembly from CKD parts, customization (such as fitting cranes or container frames), and sales.
Daimler Truck will lead on supplying the CKD kits, ensuring consistent quality, and delivering technical support and long‑term after‑sales services.
This venture is seen as a natural extension of Senegal’s industrial and defense development strategy. Officials say it boosts national autonomy in vehicle production and supports a broader push toward local manufacturing sovereignty.
For Mercedes‑Benz, this move strengthens its presence in Africa’s expanding automotive markets. Already active in North Africa (Egypt, Algeria) and leading production in South Africa, the company is now positioning itself closer to emerging West African markets.
Senegal’s choice of Dakar makes practical sense: the city’s busy port and logistics infrastructure make it an ideal location for regional vehicle distribution.
This initiative is expected to benefit not just Senegal but also neighboring countries in the ECOWAS region, spurring related industries and workforce skills development.
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