From USA Today:
Vacuum cleaner maker Dyson has abandoned its plans to make an electric car after spending the last several years hoping to capitalize on its expertise in design and engineering portable electronics.
The company's plans reflected a dream of founder and chief engineer James Dyson, who had sketched out a blueprint to spend $2.7 billion on technology and production.
Dyson had even hatched plans to build an automotive factory in Singapore to assemble the vehicle.
But the company's board plans to close its automotive division, James Dyson told employees Monday in an email.
"The Dyson Automotive team has developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies," Dyson said in the email released by the company. "However, though we have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable."
Dyson vacuum cleaner company founder and chief engineer James Dyson at the company's headquarters in Malmesbury, Wiltshire, in the United Kingdom.
Dyson said the company had also undertaken an effort to "find a buyer for the project," but has "been unsuccessful so far."
How it unfolded:Dyson vacuum cleaner company to build electric vehicle factory in Singapore
The dream:Can vacuum cleaner company Dyson take down Tesla with a new electric car?
The company's failure to succeed in the electric vehicle space illustrates the challenges associated with breaking into an industry that has high barriers to entry. Electric vehicle maker Tesla is the only automotive startup in America to become a major automaker within the last several decades.