Dyson axes its electric vehicle project

James Dyson
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.

A look at global generational growth

Data: Maddison Project Database via Our World In Data; Note: GDP per capita expressed in international U.S. dollars, adjusted for inflation and price differences between countries; Chart: Harry Stevens/Axios

The average person on Earth is now 4.4 times richer than their ancestors were in 1950, according to an analysis by Max Roser, founder and editor of Our World in Data.

Why it matters: That's equivalent to the prosperity of a U.S. citizen in 1950 — when the U.S. was the world's richest country. In response, the world has seen a jump-start in education, an increase in life expectancy and lower child mortality rates.