LONDON ― Ineos, the producer of petrochemicals and fledgling carmaker, said on Wednesday that it was pausing the launch of its first electric vehicles (EVs), citing “reluctant consumer uptake” as a key reason.
The decision by the group, owned by British billionaire and Manchester United stakeholder Jim Ratcliffe, comes less than five months after it announced plans to start producing Ineos Fusilier EV models in 2027.
The “green” project “is paused but categorically not abandoned,” a spokesman told Agence France-Presse (AFP) on Wednesday.
In an earlier statement, Ineos said it was “delaying the launch… for two reasons; reluctant consumer uptake of EVs and industry uncertainty around tariffs, timings and taxation.” Ineos stressed it was “committed to bringing an EV to market not just because of legislation but because we want to ― it is the right thing to do ― but as a new small volume manufacturer, we can only produce vehicles that will sell.” Recent data has shown a slowing of EV purchases in the UK and abroad, blamed on high prices amid a cost-of-living crisis.
The Ineos Fusilier is a slightly smaller version of the Ineos Grenadier, which comes in petrol and diesel models.
Ratcliffe recently announced plans for two versions of the Fusilier ― an all-electric model and the other a range-extender type which would carry a battery plus a small motor to produce electricity for the motor.
Ineos on Wednesday noted that its “low-emission solution for longer journeys or where charging is not possible would still be banned from sale in both Europe and the UK in 2035, if not earlier in the UK should Labor be elected.” Britain’s center-left Labor Party is widely expected to win the country’s general election on Thursday, which would end 14 years of rule by the right-wing Conservatives.
That would see Prime Minister Rishi Sunak relinquish his role to Labor leader Keir Starmer.
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