10:10 am, October 10, 2022
Off-road disruptor Ineos has doubled its losses in 2021 to a whopping £186m, new documents have shown.
Accounts published via Companies House show that the Jim Ratcliffe-owned outfit has now lost a combined £495m (€506m) since setting out in 2017.
In the 12 months to December 2021, the firm made a pre-tax loss of £186m (€212m) having lost £93m (€106m) in the previous accounting period.
The accounts also show that the company received a loan of around £830m (€944m) from its parent company, which bosses say will be paid using the firm’s revenue.
It comes as the company continues to develop its Land Rover Defender rival, the Grenadier, which was put on sale back in May.
Ineos’s combined losses put the total cost of the project at around £1.36bn (€1.4bn) before any cars are sold.
Designed as a utilitarian, hard-working 4X4 with modern compliance and reliability, the Grenadier available in commercial and passenger forms.
It has been built to go head-to-head with the likes of the Toyota Land Cruiser and offer a more back-to-basics alternative to the new Land Rover Defender.
The range opens with the Utility Wagon model, which costs £49,000, and goes all the way to a £59,000 Station Wagon Belstaff edition, which has been designed in collaboration with the clothing brand.
Al versions are offered with a 3.0-litre petrol that makes 282bhp and 450Nm of torque, or a 3.0-litre diesel that makes 246bhp and 550Nm of torque. Both are sourced from BMW and come with an eight-speed automatic transmission.
In April, Ineos announced that it had 160 sales and service points confirmed around the world at ‘established dealer groups, 4X4 specialists and agricultural equipment dealers’.
There are currently 24 retail locations confirmed for the UK, with each location getting an Ineos training programme for sales agents workshop technicians. Additional coverage will be provided through ‘hand-picked’ Bosch Car Service outlets.
Full production of the Grenadier is expected to begin in Hambach, eastern France later this year.
