British tech group forays into the motor industry
The disruptive and innovative nature of technology industry can be seen in the latest announcement where British maker of high-tech vacuum cleaners and fans, Dyson, announced its plans of launching electric cars by 2020.
After working on the electric battery technology for two decades, Dyson group has now decided to enter the motor industry and will be launching premium battery-powered vehicles.
According to BBC, Dyson’s 400 staff members have been working on this secret project for the past two years at its headquarters in Malmesbury, Wiltshire. The group has reportedly built an automotive team of “top” engineers drawn from manufacturers including BMW, Aston Martin and Tesla.
“We know this is a crowded market,” said founder Sir James Dyson as he announced that the group would be spending £2bn on the car and battery technology. He also predicted that this automotive arm would outgrow the rest of the company “quickly”.
In a report in the Financial Times, Sir James has said that he expects to make a profit on the venture. The money is part of a £2.5bn investment plan that had already been announced, and the remaining £500m would be used on the other products of the group, he added.
British billionaire Sir James further said that the car would look “radical and different” and will not be aimed at the mass market. While the motor has been designed, the group is still designing the car and yet to finalise the manufacturing location.
This move by Dyson group is said to be one of the most ambitious step taken by the company.