A British billionaire chemical engineer turned financier is to mass produce a new car to take on the Land Rover.
INEOS Chairman Jim Ratcliffe, a self-confessed car enthusiast, says he identified a gap in the market for a stripped back, utilitarian 4x4.
He has formed INEOS Automotive Limited, and a senior team of automotive professionals to bring the vision to reality.
The company says the 'Grenadier' will combine "rugged British spirit with German engineering rigour".
"It will provide best-in-class off-road capability, durability and reliability to those who depend on a vehicle as a working tool, wherever they are in the world", the company says.
The name 'Grenadier' is after the pub in which the idea was conceived.
On the engineering front, the firm is moving into series development.
The proposed INEOS Automotive factory in Bridgend, South Wales | Image: INEOSIt says announcements on appointed suppliers and partners to be made "in the coming months".
The INEOS Grenadier will go into production in 2021 in a new purpose-built manufacturing facility in South Wales.
The company claims this will create 200 jobs initially, and up to 500 in the long-term.
Mr Ratcliffe says: "We have looked long and hard at possible manufacturing locations for Grenadier across the world with lots of good options to choose from.
"The decision to build in the UK is a significant expression of confidence in British manufacturing, which has always been at the heart of what INEOS stands for."
Mr Ratcliffe has previously said the car aims to be the "spiritual successor" to the Land Rover Defender.
Jaguar Land Rover has been a subsidiary of Indian automotive company Tata Motors since 2008.
