Ineos to decide on location to manufacture new off-road vehicles by year-end
(Adds Ford's response, background)
Nov 16 (Reuters) - Petrochemicals company Ineos said https://www.ineos.com/news/ineos-group/ineos-responds-to-press-speculation-on-its-manufacturing-plans-for-projekt-grenadier-its-all-new-uncompromising-4x4
on Friday it would decide on the manufacturing location for its
new off-road vehicle, currently in design and development, by
the year end and flagged a number of "very strong options" in
the U.K. and Europe.
Media outlets had reported https://www.bbc.com/news/uk-wales-46215002
that Ineos is in talks with U.S. company Ford Motor Co to
make its Land Rover-inspired vehicles at Ford's Bridgend engine
"While Ford Bridgend Engine Plant has a long-established and
successful record in the delivery of world-class engines, the
auto industry is undergoing rapid change and, together with our
union partners, we continue to look at other high-technology
opportunities for the future," a Ford spokesman said earlier
this month in response to an FT story https://www.ft.com/content/d4eed95c-ddf7-11e8-8f50-cbae5495d92b
about talks between Ineos and Ford.
Ineos Chief Executive Officer Jim Ratcliffe said last year
that an off-roader modelled on Land Rover's classic Defender
could be rolling off British production lines if the owner of
petrochemicals giant can win government backing for it.
Ratcliffe had also said he would invest 600 million pounds
($770.16 million) to begin output of the new off-roader from
2020-21, adding that he would prefer to build in Britain but
that there are cheaper alternatives in countries such as Germany
where the workforce is already trained.
"INEOS is not intending to 'resurrect the Land Rover
Defender'. We are building an all-new 4x4 vehicle from the
ground up, which meets all current safety and legislative
requirements," the company said in a statement.
($1 = 0.7791 pounds)
(Reporting by Muvija M in Bengaluru and Costas Pitas in London;
Editing by Arun Koyyur)
First Published: 2018-11-16 15:06:13
Updated 2018-11-16 15:21:26
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.