Sir Jim Ratcliffe’s car company has made losses of more than £250m over three years as the billionaire businessman ploughs money into his effort to make a Land Rover rival that could also lead to new vans and construction vehicles.

Ineos Automotive, a subsidiary of Ratcliffe’s chemicals conglomerate, reported a loss of €106m (£91m) in 2020 in its latest accounts, adding to €188m lost in the previous two years. Ratcliffe’s other companies have also lent €471m (£403m) to the automotive subsidiary, meaning his total commitment so far may be well in excess of £650m.

The Ineos Grenadier offroader will initially use an internal combustion engine, but Ineos is also looking at hydrogen fuel cell technology that it could eventually also use to power vans and construction equipment, according to separate details revealed in a government research funding notice that suggests that Ratcliffe has broader automotive ambitions.

Ratcliffe is one of Britain’s richest people, with a net worth of more than £6bn according to the Sunday Times. However, he last year moved to Monaco for tax purposes despite being a vocal proponent of Brexit on the grounds that the UK would “thrive as an independent nation” outside the EU.

The initial plan was for the car, named after his favourite London pub, to be built in Bridgend, south Wales, but the town’s hopes for an automotive revival were dashed when Ineos instead pounced on a Smart car plant in Hambach, in eastern France, after it was put up for sale by Mercedes-Benz.

The car’s launch has already been delayed by months because of difficulties sourcing parts amid pandemic supply chain issues. Initially Ineos had planned to release it in early 2022, but that has slipped to at least September 2022.

Ineos received £124,000 from the UK government in 2019-20 for a feasibility study of hydrogen fuel cells, which produce no exhaust emissions other than water, and last year it signed a deal with Hyundai to use the South Korean carmaker’s technology.

Ratcliffe is not the only wealthy British knight to plough hundreds of millions of pounds trying to break into the automotive market. Sir James Dyson, the vacuum cleaner innovator, last year revealed that he had spent more than £500m on his effort to make an electric SUV.

Dyson, also a keen proponent of Brexit who then moved his company out of the UK, scrapped his car once he realised how difficult it would be take on established carmakers who can cross-subsidise the development of electric models using profits from petrol car sales.

An Ineos Automotive spokesperson said:“As is standard within the automotive industry when developing a new vehicle, programme costs and spending vary throughout the process with a lot of the spend coming just ahead of going into production.

“We are delighted about the progress we have made and have had a fantastic response from our customers with reservations for the Grenadier, exceeding our most positive expectations. Importantly we are still on track to be in production from July 22 and delivering Grenadiers to customers shortly afterwards.”