Dyson Abandons Electric Car Project

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2019-10-11 HKT 00:10

Share this story

facebook

  • The paper said the move ends a venture that the founder, Sir James Dyson, said would define his business. Photo: Shutterstock

    The paper said the move ends a venture that the founder, Sir James Dyson, said would define his business. Photo: Shutterstock

Dyson said in a statement posted on the Singapore-based company's website that his team had developed a "fantastic car" based on an "ingenious" approach.

"However, though we have tried very hard throughout the development process, we simply cannot make it commercially viable," he added.

"We have been through a serious process to find a buyer for the project which has, unfortunately, been unsuccessful so far."

The company announced in 2018 that Singapore, where it relocated to this year, would also be the site for its first electric car plant, with the first vehicles expected in 2021.

The moves had sparked criticism in Britain that Dyson, a staunch backer of Brexit, should be investing more in British manufacturing.

In May, he had unveiled brief details of patents filed 18 months earlier for the electric car, claiming it would be more energy efficient than rivals -- and with "very large wheels" for city and rough-terrain driving.

Dyson on Thursday insisted shutting the automotive unit was "not a product failure" and that "as many of the team as possible" would be reassigned to other roles in the company.

"We have sufficient vacancies to absorb most of the people into our home business," he added.

The statement also noted that the company would continue a £2.5 billion (US$3.1 billion, 2.8 billion euros) investment programme in "new technology", including the manufacture of new batteries, sensing technologies, vision systems, robotics, machine learning, and AI.

"I remain as excited about the future of Dyson as I have always been," the company founder insisted. (AFP)

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more