James Ratcliffe’s car company may have spent well over £650m on offroader project
Sir Jim Ratcliffe’s car company has made losses of more than £250m over three years as the billionaire businessman ploughs money into his effort to make a Land Rover rival that could also lead to new vans and construction vehicles.
Ineos Automotive, a subsidiary of Ratcliffe’s chemicals conglomerate, reported a loss of €106m (£91m) in 2020 in its latest accounts, adding to €188m lost in the previous two years. Ratcliffe’s other companies have also lent €471m (£403m) to the automotive subsidiary, meaning his total commitment so far may be well in excess of £650m.