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Billionaire Jim Ratcliffe suffered a fresh setback at his money-losing auto business, recalling more than 7,000 vehicles in the US after customers reported that doors on their SUVs flew open while driving.
Ineos Automotive Ltd. will replace door-button mechanisms on all Grenadier sport utility vehicles made before April 19 of last year, according to reports filed with the U.S. National Highway Traffic Safety Administration.
The parts were assembled without enough grease being applied, the company said, leading external buttons on some vehicles to stick and cause doors to open mid-journey. Ineos will pay for the full cost of the repairs.
The recall is a blow to Ineos — which has more than 20,000 vehicles on the road to date — and to Ratcliffe, whose estimated net worth of $13.6 billion ranks second among Brits on the Bloomberg Billionaires Index, trailing only James Dyson.
“Safety is our top priority and we are undertaking a campaign to replace the door-lock mechanisms on all affected vehicles as quickly as possible,” an Ineos spokesperson said in a statement.
Ratcliffe, 72, made his fortune building one of the world’s most successful chemicals conglomerates. Forays into cars and sports have been less fruitful — he’s recently come under pressure over cost-cutting at Manchester United, the English football club he bought a stake in a year ago. The industrialist warned earlier this week that the club risks collapse without the drastic measures.
Despite Manchester United’s financial challenges, Ratcliffe unveiled plans on Tuesday for a new 100,000-seat stadium to replace the existing Old Trafford venue. His Ineos empire has taken operational control of the club.
Ratcliffe started the auto company out of dismay at Jaguar Land Rover’s decision to stop making its original Defender model. By the end of 2023, the business had racked up a pretax loss of €1.4 billion ($1.5 billion), according to financial accounts filed at U.K. registry Companies House.
Last year, Ineos indefinitely delayed the launch of Fusilier, a smaller SUV, blaming weak consumer demand for electric vehicles and uncertainty around tariffs. Production of the Fusilier had been expected to begin in 2027, and the company has yet to offer a new timeline.
A few months after that announcement, one of Ineos’ key suppliers collapsed, causing a shortage of seats and a months-long production stoppage at its plant in Hambach, France.
The company also faces a potential hit from any incremental tariffs U.S. President Donald Trump imposes, since it imports all the vehicles it sells in the country.
Top photo: An Ineos Grenadier 4×4 SUV on display near Chery Automobile Co.’s Omoda stand at the Goodwood Festival of Speed in Goodwood, U.K., on Thursday, July 11, 2024.