19:50 GMT17 January 2021
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    In a letter he sent to employees, Dyson explained that he made this decision after the company turned out to be unable to find a buyer for the project.

    British billionaire and inventor Sir James Dyson has anounced that his company's plans to manufacture electric cars are now scrapped.

    Delivering this reveal via an email he sent to all empoyees, Dyson said that the company had tried to find the buyer for this project, but ultimately failed.

    "The Dyson Automotive team has developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies", he wrote. "However, though we have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable."

    As BBC points out, however, the first electric vehicles had already been developed and were undergoing testing, with Dyson insisting that "this is not a product failure, or a failure of the team, for whom this news will be hard to hear and digest".

    "We have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable. The Dyson automotive team has developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies", he stated.

    The billionaire also declared that "this is not the first project which has changed direction and it will not be the last", noting that the company would continue working on the battery technology which was implemented in the car venture.

    "Our battery will benefit Dyson in a profound way and take us in exciting new directions", Dyson said. "In summary, our investment appetite is undiminished and we will continue to deepen our roots in both the UK and Singapore".

    Earlier this year, Dyson announced his intent to move his power vacuum dynasty to Singapore, with the company CEO Jim Rowan explaining to media that this move was not related to Brexit or taxes, but due to the "huge revenue opportunities" in the region.

    Dyson Ltd. is famous for its powerful vacuum cleaners and hand dryers, and has seen unprecedented growth over the last few years due to growing sales in Asia.

    Tags:
    failure, development, electric car, James Dyson, Dyson, United Kingdom
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