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Ineos Automotive: A billionaire's rugged SUV startup eyes U.S. growth
Ineos Grenadier SUVCourtesy Ineos AutomotiveAn automotive startup founded by a knighted billionaire, U.K. chemical mogul and minority owner of one of the world's most prominent soccer clubs wants to rekindle the rugged SUV market.The company — Ineos Automotive — has produced more than 35,000 off-road SUVs and pickups since starting in 2022, with ambitious growth plans that include potentially expanding vehicle production to the U.S. and a target this year to achieve breakeven, executives exclusively told CNBC."We're running it for success. We're running it for profitability," Ineos CEO Lynn Calder told CNBC in an interview. "We're just doing it really efficiently, and I think that that will allow us to, with not very much more sales, actually, to make it to breakeven."Ineos on Monday is set to announce a record number of orders for its flagship, gas- and diesel-powered Grenadier 4x4 vehicles during the first quarter, setting it up for a "great start" to the year, Calder said. The company's plans this year include growing sales in the U.S. — its largest market — by roughly 30% to 35% year over year, while further expanding awareness and sales globally after supply chain disruptions, tariffs and other issues affected its business last year. Ineos Automotive CEO Lynn CalderCourtesy Ineos AutomotiveThat's easier said than done, with increasing competitiveness in the global automotive industry, which is capital intensive. Most automotive startups, particularly all-electric vehicle companies, have gone bankrupt after burning through billions of dollars in capital."We've been quietly getting on, building a company, getting things right, learning as a new startup … to get to the stage where we're ready to grow. And that's kind of where we are now," Ineos Automotive Chief Commercial Officer Mike Whittington said during a separate interview.U.S. production, expansionThe carmaker, a subsidiary of multinational conglomerate and one of the world's largest chemical producers Ineos Group, is currently selling vehicles in 50 global markets across North America, Europe, Africa, the Middle East, Southeast Asia, China and Australia.But its greatest focus right now is on the U.S., which accounts for roughly 60% of its sales, Whittington said. The American market is crucial to the company achieving sales of 200,000 to 250,000 units by the early 2030s, at the latest, Calder told CNBC. She said that would include production at its current plant —a former Mercedes-Benz facility i...
Sir Jim Ratcliffe: The Self-Made Billionaire Behind Ineos - Monaco Times
The journey of Jim Ratcliffe from humble beginnings to becoming a prominent figure in the global petrochemical industry.Sir Jim Ratcliffe, a British businessman residing in Monaco since 2018, epitomizes the self-made man, having amassed a substantial fortune in the petrochemical industry before diversifying into sectors such as automotive, sports, and entertainment. Ratcliffe, who grew up in a modest household in Manchester, founded Ineos in 1998 after acquiring a chemical plant in Antwerp. This marked the beginning of what would become a sprawling petrochemical empire. Ineos, now a global giant in the sector, employs over 26,000 people across nearly 200 sites in about 30 countries, producing 60 million tonnes of chemicals annually. Today, Ineos is critical in the production of a wide array of items, including toothpaste, food packaging, pharmaceuticals, and potable water solutions. Ratcliffe's financial journey was not without challenges, including narrowly avoiding bankruptcy during the 2008 financial crisis. However, by 2018, the surge in Ineos's value confirmed him as the wealthiest person in the UK, holding a 60% stake in the company. Despite this, Ratcliffe remains a low-profile figure relative to his substantial wealth, estimated at $16.5 billion as per Forbes. Beyond petrochemicals, Ratcliffe has ventured into sports and innovation. His interest in environmental sustainability led to Ineos's 'Greensand' project, aimed at carbon capture and storage. This project is critical to reducing CO2 emissions by storing them beneath old oil fields in the North Sea. In 2017, he established an off-road vehicle venture with the Ineos Grenadier, intended to rival the Land Rover Defender, showcasing its durability in terrains across Europe. This vehicle has already garnered significant interest, reflected in the thousands of pre-orders. In the realm of sports, Ratcliffe owns the OGC Nice football club and took over Team Sky, now known as Ineos Grenadiers, enhancing its status as a top cycling team. He also supports the Mercedes-AMG Petronas Formula One team, aligning himself with global sporting icons. Ratcliffe's love for football, originating from his childhood in Manchester, saw him acquire Manchester United, fulfilling a lifelong aspiration. Despite recent challenges on the field, Ratcliffe remains committed to restoring the team to its former glory. His influence extends beyond business and sports. Residing in Monaco, he has become a notable figure in local e...
Off-Road SUV Battle: Ineos Grenadier Vs. Land Rover Defender ... - CarBuzz
Is the Ineos Grenadier the 4WD the classic Land Rover Defender could have been today? Here's how it rates against the new Defender and the Wrangler.
Robb Report (@robbreport) • Instagram photos and videos
... market. Developed by Ineos Automotive as a modern successor to classic off-roaders, the Grenadier pairs old-school hardware like a steel ladder-frame ...
