One automaker is now cutting prices following a tariff deal. UK-based Ineos, which builds rugged vehicles like the Grenadier SUV and Quartermaster pickup, recently cut prices for its vehicles. The Grenadier now starts at $72,600, a reduction of $7,900, while the Quartermaster is now going for $86,000, a drop of $8,500.

While the price cuts arguably help the company compete in the highly competitive luxury premium space in the US, they are also a response to a 15% auto tariff deal reached between the US and the EU. Ineos builds its vehicles at a factory in France.

"The price correction was really to kind of reflect the tariff [deal]," Ineos CEO Lynn Calder told Yahoo Finance.

Calder notes, however, that Ineos was one of the first automakers to raise prices in response to tariffs, when Trump slapped 27.5% tariffs on EU imports to the US earlier this year.

She said a young company like Ineos, which started selling vehicles in 2023, could not absorb the full tariff hit and had to pass it on to the company's partners and customers. But once the deal was struck, with cars subject to the lower tariff starting Aug. 1, the company reversed course.

"We put our prices up when hardly anyone else did. We put our prices up almost immediately," she said, before cutting prices after a new deal was struck as a matter of fairness. "We just immediately wanted to give that back, so that was really what was behind the price decrease."

With the tariff hikes behind Inoes — though a 25% "chicken tax" still applies to the Quartermaster pickup — the company is looking for continued growth.

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Although Ineos isn't a publicly listed company, it released financial figures for 2024 on Monday, highlighting a 57% increase in revenue to 789 million euros ($926.6 million) on a 40% jump in unit sales. While the company didn't make a profit, it still increased its gross profit margin to 26%.

A 40% sales jump is strong, but it came against a lower sales base in 2023. Calder said 2025 won't be a repeat of last year, but good results are still expected.

"If we sort of focus on this region, we're still growing quite significantly," Calder said, highlighting that the company will be adding 40 new retail locations across North America.

"We're still kind of in growth mode ... [and] continuing the marketing push," she said. "So many people haven't heard of us. We're still just kind of working on brand awareness. And that will take a little bit of time, but we're really focused."

Ineos is competing within a hypercompetitive luxury SUV market in the US, dominated by Cadillac (GM), BMW (BMW.DE), Mercedes (MBGAF), and Land Rover.

Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.

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