UK-based company Dyson has scrapped its ambitious electric vehicle project, citing lack of commercial feasibility. The firm had invested £500m of its own money into the venture, with plans to manufacture the cars in Singapore. Despite creating a working prototype, founder Sir James Dyson said the project was not commercially viable.
The company had hoped to leverage its expertise in battery systems, aerodynamics, and high-speed electric motors to break into the automotive industry. Dyson’s electric vehicle was planned to be a seven-seater, long-range model, with high-end pricing to reflect the costs of production.
The decision to abandon the project came after attempts to sell the automotive division failed. Dyson remains committed to investing in future technologies, with a £2.5bn investment plan in artificial intelligence, robotics, and energy storage technology. Despite the setback, Dyson continues to work on solid-state battery technology, which was initially developed for the electric vehicles. The company believes this technology has a multitude of other applications.
The failure of Dyson’s electric car project highlights the challenges facing new entrants in the automotive industry, particularly in the electric vehicle market. It underscores the significant investment and risk involved in such ventures.
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