Business
Ineos Automotive: Startup backed by a knighted billionaire and soccer mogul wants to rekindle the rugged SUV market
Ineos Grenadier SUV
Courtesy Ineos Automotive
An 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 4×4 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 Calder
Courtesy Ineos Automotive
That’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, expansion
The 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 in France — as well as potentially adding a factory in the U.S.
“With our models having a huge appeal to the U.S. market, we should make it there, and that would make the most sense to us,” she said. “So, absolutely, we are fully looking at options for producing in the U.S.”
Ineos Grenadier Quartermaster pickup truck
Courtesy Ineos Automotive
She said that could mean starting limited assembly in the U.S. in the coming years to help avoid tariffs, including a 25% “chicken tax” on light trucks imported to America that was enacted in 1964 as a response to a European levy on poultry to assist in protecting domestic manufacturing.
Ineos declined to disclose its current financials, but Calder confirmed the company has spent roughly $2 billion since its formation in 2017. That’s a relatively low amount given the company’s plant, production and retailer network, especially when compared with other recent automotive startups such as EV makers Rivian Automotive and Lucid Group.
“I love cars, but I’m not here as the ‘car gal.’ I’m here as someone that runs a business,” said Calder, who started leading the company after spending most of her career in Ineos’ petrochemicals and energy sectors. “And that’s kind of what I’ve just been describing. We need a scale, and that’s what we’re working toward.”
A billionaire, a pub and adventure
Ineos’ flagship vehicle is the $71,000 Grenadier, named after a well-known London pub that U.K. billionaire and company founder Sir James Ratcliffe was at when he initially came up with the idea.
The chemical mogul, who has a net worth of more than $18 billion, according to Forbes, decided to pursue the vehicle while at the Grenadier pub, as he felt there was a need for such a vehicle after the cancellation of the quintessentially rugged Land Rover Defender, he has said.
Ineos Automotive founder and British billionaire Sir James Ratcliffe with the automaker’s planned Fusilier SUV in 2024.
Courtesy Ineos Automotive
“We set out with a vision to build the world’s best utilitarian 4×4, and we have done just that,” Ratcliffe, a self-described adventurer and car enthusiast, has stated.
Ratcliffe is chairman and majority owner of chemical giant Ineos Group as well as minority owner of the British soccer club Manchester United. He had three nonnegotiables behind the Grenadier: functional design, serious durability and extreme off-road capability. It has a design that mixes elements of Mercedes-Benz’s prominent G-Class, or “G-Wagon,” SUV and a military Humvee, or Hummer.
The Grenadier is available in SUV, pickup truck and commercial models, powered by a gas-powered BMW 3.0-liter inline-six for the U.S. Other parts come from suppliers such as Bosch, Brembo and Recaro, with engineering development assistance from Magna.
Ineos Grenadier interior
Courtesy Ineos Automotive
The pickup truck model, called Quartermaster, starts at $84,400. A limited-edition, tailored model of the Grenadier SUV, called Detour, can cost around $157,000.
The company’s next vehicle is expected to be a smaller model called the Fusilier, which was anticipated to be an all-electric vehicle before Ineos paused development of that in 2024 to consider hybrid options for the vehicle as well.
Calder said Ineos aims to partner with other companies for future models rather than building from scratch like it did with the Grenadier. She said the Fusilier is expected in the next two to three years, followed by a much quicker product cadence after that.
“We’re just a bit of a renegade British brand with a rebellious car that gives people the chance to have an extremely fun, adventurous life,” Calder said. “I’m extremely optimistic about 2026 as being really sort of the next, pivotal milestone year in our growth.”
Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.
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Gold and silver prices declined in both international and domestic markets, reflecting a broader downward trend in precious metals.
In the international bullion market, the price of gold fell by $49 per ounce, settling at $4,788.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), in the local market, gold prices also recorded a significant drop. The price per tola decreased by Rs4,900 to reach Rs501,162. Similarly, the price of 10 grams of gold declined by Rs4,201, settling at Rs429,665.
Silver prices also followed a downward trajectory. The price per tola of silver fell by Rs145 to Rs8,417 while the price of 10 grams of silver dropped by Rs124, reaching Rs7,216.
Read More: Gold, silver prices rise again in local and international markets
Gold and silver prices recorded an increase on Saturday in both international and local markets after declining on Friday, following a three-day upward trend in global and domestic markets.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), in the international bullion market, the price of gold rose by $45 per ounce to reach $4,837. In the local market, the price of gold per tola increased by Rs4,500 to Rs506,062, while the rate for 10 grams rose by Rs3,858 to Rs433,866.
Silver prices also moved higher, with the per tola rate increasing by Rs118 to Rs8,562. Similarly, the price of silver per 10 grams rose by Rs101 to Rs7,340.
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Stocks to buy: What’s the outlook for Nifty for April 20-April 24 week? Check list of top stock recommendations – The Times of India
Stock market recommendations: APL Apollo Tubes, and HDFC Asset Management Company are Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities’ top stock picks for this week. Below are his stock picks and also views on Nifty.Nifty ViewThe benchmark index Nifty continues to inch higher; however, this phase of the rally is notably different, as the spotlight has shifted away from the headline index. While Nifty has extended its pullback rally for the second consecutive week and closed in the green, the real strength is emerging beneath the surface. The broader markets have taken the lead, with Nifty Midcap 100 and Nifty Smallcap 100 delivering a robust rally and clearly outperforming the frontline index. Both indices have decisively moved above their key moving averages, signalling trend strength, whereas Nifty is still trading below its 100day and 200day EMA. Most importantly, Nifty Midcap 100 is now just a short distance away from its alltime high, suggesting that the next leg of opportunity may be unfolding beyond the conventional largecap space.Focusing back on Nifty, the index has been sustaining above its 50day EMA for the last three trading sessions, while the 20day and 50day EMA have started to edge higher, reflecting improvement in the shortterm trend. Meanwhile, the downward momentum in the 100day and 200day EMA has slowed considerably, indicating a stabilisation in the mediumterm structure. Momentum indicators further support the constructive bias, with the daily RSI trading above the 57 mark and moving higher, and the daily MACD histogram signalling strong bullish momentum.Collectively, these technical factors suggest that the pullback rally is likely to continue in the short term. On the upside, the 24650–24700 zone is expected to act as a crucial hurdle for the index. A sustainable breakout above 24700 could lead to an extension of the pullback rally towards 25000, followed by 25200 in the near term. On the downside, the 24050–24000 zone will serve as immediate support, and as long as the index remains above the 24000 mark, the ongoing pullback rally is likely to stay intact.Bank Nifty ViewThe banking benchmark Bank Nifty also ended the week on a positive note, indicating the continuation of its ongoing pullback rally. However, over the last three trading sessions, the index has struggled to decisively cross its 200day EMA, suggesting a phase of consolidation near a key long-term resistance zone. This price behaviour reflects hesitation at higher levels and points towards a pause in momentum after the recent recovery.This consolidation largely indicates a degree of caution among market participants, as investors appear to be awaiting clarity on the Q4 earnings outcome of major banking heavyweights, namely ICICI Bank and HDFC Bank. With both results scheduled over the weekend, the index is likely to witness a directional move post the earnings announcements, depending on earnings performance and management commentary.From a technical perspective, the index continues to maintain a constructive short-term setup, as it is trading above its 20day and 50day EMA, reflecting underlying strength. Momentum indicators remain supportive, with the daily RSI placed above the 55 level and trending higher, suggesting improving buying momentum and positive shortterm bias.Looking ahead, the 57000–57100 zone is expected to act as a crucial resistance area, as it coincides with both the prior swing high and the 100day EMA, making it an important supply zone. A sustainable move above 57100 could lead to a further extension of the pullback rally towards 57800, followed by 58500 in the short term. On the downside, the 55800–55700 zone is placed as an important support band, and any dip towards this region is likely to attract buying interest as long as the structure remains intact.Stock recommendations:APL Apollo TubesAPL Apollo Tubes has shown strong bullish intent after a 14.5% pullback from its early April lows near the 200-day EMA, indicating solid support at lower levels. The recent consolidation between 2072–1961 acted as a base, with the stock now delivering a decisive breakout on strong footing. A positive DI crossover on ADX signals clear buyer dominance, while the MACD nearing a move above the zero line with rising histogram bars points to strengthening momentum.The overall setup suggests the stock is well-positioned to extend its uptrend in the near term. Hence, we recommend to accumulate the stock in the zone of 2110-2090 with a stoploss of 2020. On the upside, it is likely to test the level of 2255 in the short term.HDFC Asset Management CompanyHDFC Asset Management Company has exhibited strong bullish momentum, closing Friday’s session with an impressive 4.89% gain. The stock has surged nearly 26% from its March lows, indicating robust buying interest. Momentum indicators remain firmly supportive, with RSI sustaining above 60, reflecting strength. Additionally, a positive DI crossover on ADX highlights clear buyer dominance, while rising MACD histogram bars with the MACD line above the zero mark further reinforce the ongoing uptrend. The overall structure suggests the stock is well-positioned to extend its upward trajectory. Hence, we recommend to accumulate the stock in the zone of 2800-2770 with a stoploss of 2690. On the upside, it is likely to test the level of 2990 in the short term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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