Despite Dysonâs promise of delivering multiple versions of an electric car that would surpass everything weâve seen before and confirmation that it had functional prototypes already in testing, the company has axed its EV program entirely.
The firm announced its decision on Thursday, quoting founderÂ James Dyson directly.Â âThe Dyson Automotive team have developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies,â he explained. âHowever, though we have tried very hard throughout the development process, we simply cannot make it commercially viable.â
Dyson stated that the company was unable to find a buyer for the project, leading the board toÂ suggest the ÂŁ2.5 billion ($3.11 billion) automotive project be abandoned. While the corporation did not indicate how much of the capital was leftover, it said the funds would be used improve the Dyson Institute of Engineering and Technology or funneled into other tech programs. Any advancements stemming from its EV research will be utilized wherever possibleÂ â including commercialÂ licensing agreements.Â Â
âWe will also concentrate on the formidable task of manufacturing solid state batteries and other fundamental technologies which we have identified: sensing technologies, vision systems, robotics, machine learning, and AI offer us significant opportunities which we must grab with both hands,â continued Mr. Dyson. âOur 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.â
Dysonâs automotive team will be disbanded, with the company stating it would attempt to find positions for them within its core business (home appliances). Those that cannot be absorbed into those roles will be treated âfairly and with the respect deserved.â Presumably, that means let go with some amount of consideration and grace.
At its peak, the automotive team had just over 500 employeesÂ â with the vast majority located inÂ England.
Dyson announced its EV project in 2017. The following year, the company began solidifying plans to construct an assembly plant in Singapore. Construction was expected to wrap in 2020, with vehicle production commencing early in 2021.
The business also received a ÂŁ16 million in government grants from the UK, intended for battery research, and dumped millions of its own cash into building test courses for the now-abandoned vehicle. Dyson said any facilities intended for use in its vehicle program will eventually be designated for other projects.