Ineos underlined its long-term ambitions to become a fully fledged carmaker with a “family” of vehicles, as the chemicals conglomerate unveiled designs for its first car, a successor to the original Land Rover Defender.
The Grenadier, which will be a “rugged, uncompromised off-roader”, marks the brand’s first foray into the automotive world, an industry with high costs and ferocious competition that is dominated by century-old businesses.
Last year Dyson pulled plans to enter the market with an electric car, but Ineos, backed by billionaire Jim Ratcliffe, believes its first niche vehicle will be able to generate a profit for the company.
The group has received more than 50,000 expressions of interest in the vehicle, before even showing the designs on Wednesday, Mark Tennant, commercial director of Ineos Automotive, told the Financial Times.
Production begins late next year, with a plant in Portugal making body parts and a new factory at