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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Jim Ratcliffe’s attempt to rival Land Rover Defender racks up steep losses

Jim Ratcliffe Ineos Ineos Automotive Supply chain
The Ineos Grenadier 4x4 at the Goodwood Festival of Speed in 2021
Ineos has been taking sales orders and deposits for the Grenadier 4x4 since mid-May. Photograph: Ben Hoskins/Getty Images for Ineos Automotive

Sir Jim Ratcliffe’s drive to make a rival to the Land Rover Defender has racked up steep losses amid difficulty sourcing parts because of global supply chain disruption.

Pre-tax losses at Ineos Automotive, a subsidiary of the billionaire’s chemicals conglomerate, doubled to €212m (£186m) last year, accounts filed with Companies House show. It has run up total losses of €506m since its inception in 2017, and last year received a loan of €944m from its parent company, on top of €471m in 2020. It plans to repay the loan from future revenues from the off-road vehicle.

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