UK-based appliance manufacturer Dyson has pulled the brakes on its proposed multibillion dollar electric-vehicle venture.
The company had announced last year that it is building the first car manufacturing plant in Singapore, scheduled for completion in 2020.
The two-storey facility is part of a planned US$3 billion global investment in new technology, in which Dyson will be focusing on manufacturing and assembly.
The fund would now be used towards developing new technology, Dyson CEO and founder James Dyson said in an email announcing the EV project cancellation.
“We will 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,” he said.
The company said that despite having conceptualized a “fantastic electric car,” the EV could not hit the roads because it was not commercially viable.
He added that the company has tried to find a buyer for the project but it has been in vain.
Dyson also confirmed that it’s closing its electric car facilities in Singapore and the UK, where the company hired about 500 people to work on the project. In Singapore, about 20 jobs were affected, according to a report.
But the company said it will use part of the US$3.2 billion fund to fuel business expansion in Singapore as well as other global locations.
“In summary, our investment appetite is undiminished and we will continue to deepen our roots in both the UK and Singapore,” Dyson said.
The company previously said it is looking to hire over 2,000 employees across Singapore, Malaysia, and the Philippines, following its decision to move its headquarters to Singapore.
Source: Tech In Asia