Read on for important business news in Kenya today.

 Porsche pulls ahead of Mercedes in sales

Sales of new Porsche vehicles have exceeded those of Mercedes in the first five months of its presence in Nairobi, marking a strong start to the luxury car maker’s local dealership. Data by the Kenya Motor Industry Association (KMI) shows that Porsche Centre Nairobi sold 82 units of its models in the period up to end of September. While DT Dobie the franchise holders for Mercedes sold 53 units. [...]

Chandaria family acquires stake in low-cost Kenyan car firm

Billionaire businessman Manu Chandaria’s family has acquired an undisclosed stake in Mobius Motors, the start-up auto firm that is building Africa’s cheapest car. This comes just a few months after US billionaire Ronald Lauder and former chairman of Citigroup Richard Parsons invested an undisclosed amount of money in the Kenyan motor company. [...]

KCB posts 17% rise in its pretax Quarter 3 profits

Buoyed by the non-funded income, the group’s profit before tax stood at KES 17.7 billion for the nine months to 30 September 2014. The group’s fees and commissions on loans and advances rose by 20% to KES 3.54 billion. While its loans and advances to customers grew to KES 264.3 billion up from KES 225.7 billion. [...]

Kenyans to Own 20% Stake in Mining Firms - Balala

Ownership of large mining companies will not be solely left to foreigners, Mining Cabinet Secretary Najib Balala said. He added that the firms will be required to float shares at the Nairobi Securities Exchange and 20% of this will be reserved for Kenyans. [...]

Uganda beats Kenya in race for home-made hybrid vehicle

Uganda has produced the first hybrid vehicle in East Africa. The vehicle, Kiira EV SMART has been developed by the Kiira Motors Corporation. “This vehicle is a prototype and we expect to go to mass production by 2018,” managing director, Africa Talentbank.com Limited Miriam Mukasa said. The vehicle will be unveiled on Thursday followed by a test drive at the KICC grounds in Nairobi, Kenya. [...]