Ineos Automotive has been presented with a £1.2bn bill for its efforts to manufacture a rival to Land Rover’s Defender.
Since its 2017 foundation, the car maker – a subsidiary of chemicals giant Ineos Industries – has faced several challenges, as first reported by the Sunday Times.
Ineos doubled its losses to €212m (£193m) in the year to December 2021, ranking up around £440m in the five years since its inception.
In its recent filing to Companies House, the firm also reported an intercompany loan from Ineos Industries of €944m.
The loan – which Ineos said would be repaired from the sale of cars – and the ongoing losses would lead to a total bill of around £1.2bn.
Ineos’s 4×4 model the Grenadier was developed by boss Sir Jim Ratcliffe, who wanted to take advantage of the gap in the market left by Jaguar Land Rover when it stopped producing the Defender.
However, the British luxury marquee went back to producing the iconic car in 2019.
As it started taking orders in May, the company is expected to begin full production by late this year at Hambach, eastern France.
City A.M. has approached Ineos for further comment.