Tycoon Jim Ratcliffe’s oil giant Ineos is putting the brakes on electric vehicle plans amid ‘low consumer adoption’ and unclear net-zero policy
- Plans to produce electric vehicles by 2027 were announced five months ago
Sir Jim Ratcliffe’s company Ineos has postponed plans to launch its first electric vehicles due to “low consumer acceptance” and a lack of clarity over its net zero policy.
The decision by the petrochemical group and young carmaker, owned by the British billionaire and Manchester United shareholder, comes less than five months after the company announced plans to start production of Ineos Fusilier EV models in 2027.
Ineos said it was delaying the launch “for two reasons: the reluctance of consumers to adopt electric vehicles and industry uncertainty over tariffs, timing and taxes”.
Sir Jim Ratcliffe’s company Ineos has put the brakes on plans to launch its first electric vehicles due to ‘low consumer acceptance’ and a lack of clarity over its net zero policy
The ‘green’ project ‘is at a standstill, but has definitely not been abandoned’, a spokesperson said.
The company stressed that it was “determined to bring an electric car to market, not just because of the legislation, but because we want to. It’s the right thing to do. But as a new, low-volume manufacturer, we can only produce vehicles that will actually sell.”
Recent data shows that the purchase of electric vehicles is declining in the UK and internationally, with the decline attributed to high prices due to the cost of living crisis.
The Ineos Fusilier is a slightly smaller version of the Ineos Grenadier.