Multiple outlets are reporting that financial problems at the iconic seat and accessory maker Recaro have led to the suspension of vehicle production at INEOS Automotive, which makes the popular Grenadier overlanding SUV and Quartermaster pickup. Germany-based Recaro has reportedly entered bankruptcy proceedings.
Ineos Automotive was founded by INEOS chemicals billionaire Sir Jim Ratcliff, one of the wealthiest people in the UK, so money apparently isn’t the problem, it’s a lack of needed items from Recaro that have gummed up the works. “We are leaving no stone unturned in our efforts to get our manufacturing back up and running,“ Ineos told Autoevolution.
Ineos has not specified what the particular items they are not receiving might be, calling them part of a “trim,” but since Recaro is known for its name-brand race-spec and up-spec vehicle seats, a sudden end to receiving seats would pose a significant problem not easily solved by a new supplier. The company told Autoevolution that the vehicles cannot be sold without the needed Recaro items – most likely the bespoke seats the company is famous for. Subbing in seats from another brand probably wouldn’t cut it for the clientele paying $75,000 or more for the small-batch Grenadier SUV.
According to several sources, Ineos Automotive has sold nearly 1,000 Grenadiers so far in 2024, which is a reduction in volume from 2023. The new Quartermaster pickup truck is not yet in series production. It features a layout similar to Jeep’s popular Gladiator pickup truck. An electric Grenadier variant, the Fusilier (below, with Ratcliff), has also been announced.
Overland Expo got a chance to drive the INEOS Grenadier in May at Expo West and found it capable, comfortable, and well-designed. INEOS Automotive founder Ratcliff is a 71-year old adventurer with an estimated net worth north of $28 billion USD. He is also involved in the America’s Cup sailing competition and has personally competed in ultramarathons in the past. He also owns 25% of the Manchester United futbol club. The multi-billion dollar company also sponsors competitive cycling teams. INEOS Group is also involved in Mercedes’ F1 racing program.
Ratcliff started INEOS Automotive in 2018 after he was unsuccessful in acquiring the tooling for the older models of the Land Rover Defender. The Grenadier is based on the basic design language of the older Defender models but adds in larger motors, modern technology and numerous Ineos design and technical improvements. The vehicles are produced in Britain.
So far, there is no exact timetable for resuming production. Watch for updates here on Overland Expo Compass.
