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

Ineos Automotive's plans for Grenadier 4x4 hit by global supply chain disruption

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.