Dyson is calling time on its £2.5 billion (US$3.1 billion) electric vehicle project, including its plans for an electric car plant in Singapore, due to concerns over its commercially viability.
Founder and chairman James Dyson said on Thursday (10 October) the company is scrapping the division since it can “no longer see a way to make it commercially viable”.
“We have been through a serious process to find a buyer for the project which has, unfortunately, been unsuccessful so far," he said in an email to staff.
The household appliances business revealed plans to manufacture its electric cars at a facility in Singapore in late 2018, with plans to roll out the first car in 2021.
In January this year, the company announced it was moving its headquarters from the UK to Singapore.
The £2.5 billion set aside for the electric car project will instead be spent on developing other products, including its battery technology, Mr Dyson said.
Despite the setback, he said the company will continue to expand in Singapore, the UK and other global locations. "Our investment appetite is undiminished and we will continue to deepen our roots in both the UK and Singapore," he said.