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James Dyson. Photo: Christophe Archambault/AFP/Getty Images

Dyson will discontinue its electric vehicle project, but will continue working on its solid-state battery tech after its cars were deemed not "commercially viable" during testing, the U.K.-based company announced Thursday.

Why it matters, via Axios' Ben Geman: The famed inventor's decision underscores the difficulty of successfully entering the EV market at a time when a suite of startups and legacy automakers are competing to make viable cars.

Background: Dyson unveiled plans last year to build an EV factory in Singapore by 2020 with production due to start the following year.

  • Dyson said it will still continue its £2.5 billion ($3.1 billion) investment into new technology, but will shut down its EV facilities in the U.K. and Singapore.
"This is not a product failure, or a failure of the team, for whom this news will be hard to hear and digest. Their achievements have been immense given the enormity and complexity of the project."
— Founder James Dyson said in a statement

The big picture: The company has helped transform markets by redesigning the engineering makeup of premium vacuums, hairstyling and household appliances, and hand dryers.

Go deeper

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
4 hours ago - Health

Omicron gives a shot to boosters

Expand chart
Data: CDC; Chart: Will Chase/Axios

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.