Sir Jim Ratcliffe invests almost £700m in car division

The idea for the Grenadier SUV was born in a pub in 2017. Photo: Patrick Gosling

Britain's richest industrialist Sir Jim Ratcliffe pours in euros Ineos' car manufacturing unit has seen a £773 million investment last year as it ramps up production and plans new models.

Ineos Automotive reported a pre-tax loss of 479 million euros in 2022, a big loss compared to last year. The company's latest accounts put it at €212 million the year before.

During the year the company borrowed an additional €773 million from the rest of Sir Jim's business empire, which is largely involved in the chemicals industry, bringing the total the loan reached 1.7 billion euros.

Ineos Automotive, which makes the Grenadier SUV, is developing an electric all-wheel drive and is also developing a hydrogen-powered model.

The company was founded by Sir Jim after he decided to make a successor to the Land Rover Defender after Jaguar Land Rover. decision to discontinue production of the model.

The idea for the Grenadier SUV was born in the pub of the same name in 2017, and deliveries of the first cars, costing more than £55,000, began in December.

Ineos also began selling the Quartermaster, a longer version of the Grenadier pickup with five seats and a cargo area. A Safari version will also be offered soon.

Sir Jim is also reportedly looking to acquire a minority stake in Manchester. United Credit: John Super

In 2024, Ineos will begin selling a variant of the Grenadier called the Chassis Cab, which will have the Grenadier's front hood and cab, but the rear can be adapted for storage, seating or other modifications.

Ineos Automotive has also registered trademarks under the names Fusilier, Privateer, Brigadier, Sapper and Gunner, according to filings filed in January.

Sales are growing particularly fast in the United States, with a third of deliveries expected to one day go there. The company's main plant in Hambach, France, is operating at full capacity.

Grenadier production was originally planned to take place in Bridgend, South Wales, but the company was able to purchase a complete plant from Mercedes, giving it better access to suppliers including BMW , which makes his engines.

Sir Jim is also pursuing his beloved Manchester United and is reportedly hoping to take a minority stake in the club.

His current investments include leather jacket brand Belstaff and a personal care line that began when it began producing hand sanitizer during the pandemic.