The Billionaire Land Rover Defender concept has become a reality.

INEOS chairman Jim Ratcliffe has revealed new details about his plans for a Land Rover Defender-style vehicle called the Projekt Grenadier.

Billed as a go-anywhere off-roader, this model promises to have “the spirit and engineering straight out of the old 4×4 but with a huge leap forward in reliability.”

The company hasn’t released pictures of its first model but says it is going to be an uncompromising vehicle that will appeal to everybody from off-road enthusiasts to adventure-seeking city dwellers.

The plans are ambitious but there are still quite a lot of details to be worked out – particularly where the vehicles will be built. INEOS Automotive is considering building a new factory in the UK but the cost will be between £600-700 ($810-945) million. The government could offer incentives to reduce that number in return for the 7,000 jobs the project is anticipated to create.