Magna says it will build electric off-road vehicles for INEOS Automotive at its Graz, Austria, manufacturing plant beginning in 2026.
In addition to the production contract, Magna will be responsible for engineering the complete vehicle for INEOS Automotive.
INEOS is a U.K.-based petrochemical supplier headed by Chairman Jim Ratcliffe, a car enthusiast and adventurer who formed INEOS Automotive in 2017 to develop a new, ultra-rugged 4X4 vehicle targeted for the off-road market.
Its initial model, called the Grenadier, is a Land Rover competitor powered by a BMW 3.0L turbocharged 6-cyl. Magna worked with INEOS in developing that model.
The new contract represents a deepening of the relationship between the two companies.
“We are excited to have been chosen as INEOS Automotive’s strategic manufacturing partner, building on the strength of our existing relationship in vehicle engineering,” says Roland Prettner, interim president, Magna Complete Vehicles. “This new electric vehicle adds nicely to our lineup in Austria and showcases our flexibility in producing a range of vehicles from ICE-based to fully electric.”
Lynn Calder, CEO of INEOS Automotive, says his company liked what it saw from Magna in developing the auto company’s first model.
“Deepening our collaboration is a natural next step as we use the Grenadier as a springboard for our continued growth as a global automotive brand with our second model line,” he says.
Neither Magna nor INEOS has revealed production targets for the new electric model.