James Dyson, the billionaire inventor of the bagless vacuum cleaner, said Tuesday that his company is investing £2 billion ($2.7 billion) to develop and build a "radical and different" electric car, set to hit the streets in 2020, per BBC. Dyson said £1 billion will be spent on developing the car, and the other £1 billion on making the battery.
400 of his engineers have already been working on the secret project for the past two years at the company's headquarters in Mamesbury, Wiltshire, said Dyson. But the car doesn't exist yet, and Dyson has yet to decide where it will be manufactured. However, he has ruled out working with any existing auto companies and has said the car won't be aimed at the mass market.