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 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.
