Ineos recalls 7,000 Grenadier SUVs over faulty door locks amid financial struggles
Ineos Automotive Ltd., owned by billionaire Jim Ratcliffe, has recalled over 7,000 Grenadier SUVs in the US. The issue involves faulty door-lock mechanisms, adding to recent struggles for the company. Ratcliffe, Britain’s second-richest person, now faces another challenge in his automotive venture.
The recall affects Grenadier SUVs built before April 19, 2023. A lack of grease on door-button mechanisms could cause malfunctions, prompting Ineos to replace the parts at no cost to owners. This setback follows a difficult period for the brand, which already has more than 20,000 vehicles on the road.
Earlier this year, Ineos halted production at its French plant for months after a key supplier collapsed, leading to a shortage of seats. Financial troubles deepened as the company reported a pretax loss of €1.4 billion by the end of 2023. Weak demand for electric vehicles and uncertainty over US tariffs also forced Ineos to delay the launch of its Fusilier SUV indefinitely. Ratcliffe, 72, built his fortune through a chemicals empire but has faced hurdles in the auto industry. His company imports all US-bound vehicles, exposing it to potential tariff-related costs. The latest recall adds pressure as Ineos works to stabilise its operations.
The door-lock recall is the newest obstacle for Ineos Automotive, which continues to navigate financial losses and production delays. Owners of affected SUVs will receive free repairs, but the company must address broader challenges in a competitive market. Ratcliffe’s venture remains under scrutiny as it adapts to shifting industry conditions.
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