LONDON (Reuters) - Billionaire Jim Ratcliffe's Ineos will build its first car in France after buying a site from Daimler (OTC:DDAIF), ditching plans to build a factory in Wales to manufacture an off-roader which will rival Jaguar Land Rover's Defender, it said on Tuesday.
The company had originally said it would build the Grenadier 4x4 in Britain, creating up to 500 jobs, and that a new plant in Portugal would produce the body and chassis. But it said in July it was reviewing plans due to the COVID-19 pandemic.
"Hambach (a town in France) presented us with a unique opportunity that we simply could not ignore: to buy a modern automotive manufacturing facility with a world-class workforce," Ineos Group Chairman Ratcliffe said in a statement.
The vehicle will enter production late next year and as part of the deal, Ineos will also continue to make the smart EQ fortwo vehicle and some Mercedes-Benz components totalling roughly 1,300 jobs at the site in France.
The company said it was won over by the location due to its proximity to the border with Germany, access to supply chains and target markets among other factors.