Ineos, the company founded and run by the Brexit backing British billionaire Sir Jim Ratcliffe has announced it will build a new vehicle in the EU, rather than the UK.
Ratcliffe, in the running to also buy Manchester United, will build an electric version of its new Grenadier off-road vehicle in Austria.
Ratcliffe named the Grenadier after the historic London pub where he first came up with the idea.
The electric version of the 4×4 will be developed with the Canadian car parts manufacturer Magna and production is scheduled to start in 2026.
The decision means that the UK has missed out on building a second Ineos vehicle, after Ratcliffe, a resident in Monaco for tax purposes, chose a French factory for the original Grenadier.
The businessman, whose fortune is worth £6bn according to the Sunday Times, also owns French football club Nice.
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