Dyson plans to build electric vehicles in Singapore

Dyson has selected Singapore as the location for a factory to build electric vehicles, and plans to begin producing them by 2021, according to multiple reports.

Why it matters: The company's multibillion dollar foray into EVs is a sign of the growing competitiveness in the sector. EVs remain a tiny portion of worldwide vehicle sales but are growing significantly.

• "The British maker of vacuums and hand dryers said Tuesday that it had selected the city because of its manufacturing expertise, skilled workforce and proximity to high-growth markets in Asia. Construction work will begin in December," per CNN.

Singapore appears to make sense for Dyson for other reasons, as it already has facilities there for building motors.

• Plus, as The Verge notes, "Singapore also has pending free trade agreement with Japan and existing agreements with China, the world’s largest market for electric cars."