Dyson, has scrapped its much anticipated £2.5 billion project to design and manufacture electric cars.
Founder, Sir James Dyson, said its engineers had developed a "fantastic electric car" but that it would not be launched to the market and that the company had unsuccessfully tried to find a buyer for the project, launched in 2017 and employing 500 people.. The company also revealed it would invest £200 million in research and development and test track facilities in the UK, much of which has already been spent. Dyson said the site would now be used for other projects.
In October 2018 Dyson revealed plans for an electric car manufacturing facility in Singapore, with cars expected to be available from 2021.
Dyson said "This is not a product failure, or a failure of the team, for whom this news will be hard to hear and digest. We have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable. The Dyson automotive team has developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies." The company is planning to continue to work on the battery technology, which was used in the car., "Our battery will benefit Dyson in a profound way and take us in exciting new directions. "In summary, our investment appetite is undiminished and we will continue to deepen our roots in both the UK and Singapore. This is not the first project which has changed direction and it will not be the last."
The failure is not the first. Dyson also withdrew from the washing machine market some years ago