A billionaire industrialist has announced plans to launch a new off-road vehicle inspired by the famous Land Rover Defender.
Energy and chemical giant Ineos has confirmed the ambitious plan for the all-new 4x4 in a move which could create 1,000 new jobs.
The project is the brainchild Jim Ratcliffe, the founder and chairman of Ineos who is also a renowned Defender enthusiast.
This latest announcement follows a six-month feasibility study.
Mr Ratcliffe, who drives a Defender, said: "I am a great admirer of the old Land Rover Defender and have enormous respect for its off-road capability. Our new 4x4 has been inspired by it.
"But, while our off-roader might share its spirit, our new car will be a major improvement on previous models."
The firm said it expected to invest hundreds of millions of pounds in the project which it believed would fill a gap in the market.
Jaguar Land Rover is set to unveil its new Defender at some point, though it is not thought it will go into production until 2018.
The car maker called time on the old Defender just over 12 months ago as it could no longer meet emissions and safety regulations.
The expense of building what was both an old-fashioned and low volume vehicle was also thought to have been a factor in its ultimate demise.
It ended 68 years of production of the vehicle, originally just known as the Land Rover, at the Lode Lane plant in Solihull.
It went through Series I, Series II and Series III incarnations, before being rebranded as the Defender, even appearing in the James Bond films Skyfall and Spectre.
Jaguar Land Rover has yet to announce where it will build the next generation Defender, though Coventry has been tipped as a possible location as the car maker continues to expand at both Whitley and on the Prologis Park at Ryton-on-Dunsmore where its Special Vehicle Operations cars are produced.
Ineos says it hopes its new off-roader will be built in the UK and could create hundreds of jobs.
No production location has been revealed as yet, though Ineos spokesman Tom Crotty said the company had a preference to build the car in the north of England.
The Ineos project will be run by Dirk Heilmann, formerly head of engineering and technology at Ineos, who is now chief executive at Ineos automotive.
Mr Heilmann, who has already started recruiting staff, said: "This is an amazing project for everyone involved.
"Our job is to create the world's best 4x4 and we are already moving forward with our plans. The aim is to have cars coming off the production line by 2020, for sale across the world.
"We will be looking for global sales so we need to make sure the car meets all international regulations."
In July last year, our sister paper the Coventry Telegraph reported that entrepreneur Mr Ratcliffe had conducted talks with bosses at Jaguar Land Rover about the prospect of reviving the Defender.
It followed reports in the Sunday Times that he was interested in building the car in the UK but Jaguar Land Rover moved to quash rumours of any such deal at the time.
Mr Ratcliffe, a graduate of the University of Birmingham, founded Ineos, which is estimated to be worth in the region of £3.2 billion.