Ineos has stopped production of the SUV Grenadier because it is affected by the bankruptcy of Recaro. Now the boss apologizes to the customers.
Billionaire Jim Ratcliffe has to see his car project come to a standstill for a while. At Ineos, where the Land Rover Defender-inspired Grenadier is built, cars are no longer built.
The production halt is allegedly due to the bankruptcy that the German seat manufacturer Recaro suffered earlier this summer.
The Telegraph writes that.
Recaro filed for bankruptcy at the end of July 2024 when it became clear that the company could no longer pay its bills. Around the same time, it emerged that the rim manufacturer BBS is facing bankruptcy for the fifth time in history.
– We apologize to everyone who is waiting for their car and promise to do our best to resolve this quickly, says Ineos' founder Jim Ratcliffe.
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Chemistry billionaire Jim Ratcliffe founded Ineos in 2016. The idea for the brand's currently only model came to him while sitting in a pub called the Grenadier in England.
Actually, the car was supposed to be built in Wales. But when Ratcliffe heard that Mercedes was selling the so-called Smartville factory in Hambach, France, he pounced.
The buyout ensured that 1,300 employees could keep their jobs. But now there are many indications that they will have to stay at home until at least the beginning of 2025.
In addition to the fortune created on chemistry, Jim Ratcliffe owns a very large share of the football club Manchester United and a third of the Mercedes Formula 1 team. The last two thirds are owned by team boss Toto Wolff and the Mercedes factory in Stuttgart, respectively.
In fact, Jim Ratcliffe is so rich that he is rumored to be the man who in May 2022 bought the world's most expensive street car ever. Read more about it here .
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