automotive
Ineos Automotive: Startup backed by a knighted billionaire and soccer mogul wants to rekindle the rugged SUV market
The automaker has plans to grow sales in the U.S. by roughly 30% to 35%, as well as a target to achieve breakeven this year, executives exclusively told CNBC.
TL;DR
- Ineos Automotive aims for breakeven in 2024 and a 30-35% year-over-year sales increase in the U.S.
- The company is considering U.S. production facilities to enhance its market position and potentially circumvent tariffs.
- Founded by billionaire James Ratcliffe, Ineos Automotive has produced over 35,000 rugged SUVs and pickups since 2022.
- The U.S. is Ineos' largest market, accounting for approximately 60% of its sales.
- Ineos aims to reach sales of 200,000 to 250,000 units by the early 2030s.