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Ineos reveals third loss-making year in effort to make Land Rover rival
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Sir Jim Ratcliffe’s car company has made losses of more than £250m over three years as the billionaire businessman ploughs money into his effort to make a Land Rover rival that could also lead to new vans and construction vehicles.
Ineos Automotive, a subsidiary of Ratcliffe’s chemicals conglomerate, reported a loss of €106m (£91m) in 2020 in its latest accounts, adding to €188m lost in the previous two years. Ratcliffe’s other companies have also lent €471m (£403m) to the automotive subsidiary, meaning his total commitment so far may be well in excess of £650m.
The Ineos Grenadier offroader will initially use an internal combustion engine, but Ineos is also looking at hydrogen fuel cell technology that it could eventually also use to power
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