Dyson is a company that you must be aware of as one who makes vacuum cleaners. However, Dyson is a far bigger company than that as it had plans to make electric cars at one point in time. We say at one point of time because Dyson has announced it will no longer make electric cars and this should definitely boost Tesla’s market value. Also, Dyson’s exit from electric car manufacturing shows how hard it really is to succeed in making electric cars and running a profitable business out of it. We know that Tesla is not making huge profits either but it is staying afloat which is very necessary at the moment in the electric car industry.
Talking about Dyson and its plan of an electric car, the company wrote a letter to its employees. Dyson wrote in the letter, as reported by Ars Technica, that “[t]hough we have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable.” which means that they were not able to find a way to make its car business profitable. However, the bad news about Dyson’s exit is for the 532 employees who have been working on the Dyson BEV for the last four years. Dyson says that the company will do its best to absorb those workers into other roles but we believe that many will still lose their jobs.
Dyson also added in the letter that “We will also concentrate on the formidable task of manufacturing solid-state batteries and other fundamental technologies which we have identified: sensing technologies, vision systems, robotics, machine learning, and AI offers us significant opportunities which we must grab with both hands,” while saying that they will continue to invest $3.2 billion in the company revealing that he was looking to get a buyer but was unable to do so.