Oct 10, 2019

Dyson axes its electric vehicle project

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.

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The Volvo XC40 Recharge. Courtesy: Volvo

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The risky business of electric vehicles

Reproduced from IEA; Note: Government incentives includes direct spending and tax expenditures; Chart: Axios Visuals

A new International Energy Agency analysis finds that governments account for nearly one-fifth of global spending on electric vehicle purchases.

Why it matters: "The ability of governments to stabilize and then reduce their share of total EV spending will be a key test of the sustainability of the EV market in coming years," 2 analysts write in the Oct. 10 commentary.

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Nissan unveils electric crossover concept

The Nissan Ariya Concept. Photo: Courtesy of Nissan

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Why it matters: SUVs and crossovers are immensely popular, especially in the U.S. so new electrified offerings are attention-grabbers.

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