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UK billionaire James Dyson to invest £2.5bn on electric car

ABR Staff Writer Published 27 September 2017

UK billionaire James Dyson, who invented the bagless vacuum cleaner, is investing up to £2.5bn to manufacture an electric car by 2020.

His company, Dyson is said to have already been working on new solid-state battery technology and electric motors, which will be used in the development of the electric cars.

Dyson company claims to have been working for the past two-and-a-half-years through a team of 400 engineers.

However, the car still needs to be designed and the battery technology still needs to be finalised. Last year, the company announced an investment of £1bn in new battery technology. And, this year, a further £1.5bn will be invested, totalling £2.5bn.

In October 2015, the company acquired Sakti3, a company working on solid-state battery technology, for $90m.

The company states that solid-state batteries are a better alternative to lithium-ion batteries, as they do not overheat, take less time for charging, are safer to handle and are much more powerful.

Reuters quoted Dyson as saying that his company is not a Johnny-come-lately onto the scene of electric vehicles and it was his ambition to make an electric car as early as 1998.

The company has been hiring executives from Aston Martin and Jaguar Land Rover and last year, the UK government disclosed that it was supporting it financially in the development of new battery technology. But, it was quickly removed, to keep the ongoing work confidential.

Even though the plans were revealed, James Dyson did not say anything about the car, its design, range or even price. But, stated that the vehicle could be expensive.

Dyson’s company also ruled out the idea of working with any other automakers. He opines that in the years to follow, electric cars could be the largest source of income for his company, shadowing all other product categories.

Image: Dyson Company founder James Dyson. Photo: Courtesy of The Royal Society/Wikipedia.