Sir James Dyson, the billionaire investor, has dropped plans to build an electric car. The decision arrives after the entrepreneur surmised it is not an economically profitable project. The company’s electronic car project offered employment to 523 people. Dyson, globally known for its vacuum cleaners, has sent a letter to its 500 employees confirming the cancellation. As per the notification, the company notes the closure of the automotive project and strengthen efforts in their interesting schemes of other technology developments. Dyson said their self-propelling team had created an incredible electric car, but unluckily it seems not commercially viable. The letter also asserts Dyson has not got a buyer for the electronic car project.
Dyson also added they had attempted very hard throughout the development process, but they failed to make it commercially viable. In 2018, the company had announced that it could produce the electric car in 2018. At the time, the declaration promised to launch the car in 2021. The billionaire also intended to invest £2.5bn in technologies to make a battery-powered vehicle. As per a statement of the company, it had the hope to find new jobs elsewhere in the company for most of the workers. Even more, Dyson highlights it is not the case of breakdown or product failure. The billionaire said it would be difficult for the automotive team to listen to the news and accept reality. Even more, their attainments have been immense-given the complexity and enormity of the project.
Apart from this, the company assures it will support people who cannot or don’t want to adopt alternative job roles. For now, Dyson has decided to use the $2.7 billion, accounted for the electric car program, in developing other products. Currently, automobile companies from other nations like China, America, and Japan have dominated the rapidly-growing market. So Dyson’s move to scrap the project may be seen as a blow to the British company.
Kevin has worked as a business executive in an insurance firm before joining Janmorgan Media as the major business correspondent. After joining here, he has helped craft not only some of the insightful articles but also regular articles that don’t compromise perspective. If not checking out business publications or news, you can see her listening to music.