End of the road: Dyson crashes out of race to make electric cars

British inventor James Dyson has dropped out of the race to produce electric cars in the face of stiff competition and after criticism of the Brexit-backing billionaire's decision to build the vehicle in Singapore.

Dyson, known for his bagless vacuum cleaners and bladeless fans, announced two years ago that he was investing two billion pounds (USD 2.5 billion) in developing an electric car, and the first vehicles were expected in 2021.

The ambitious project catapulted the 72-year-old entrepreneur into competition against more established players such as US firm Tesla, founded by business magnate Elon Musk, and car makers from the US to China.

Adding to his difficulties, the plan ran into controversy when the company revealed that its first car plant would be in Singapore and its global headquarters were shifting to the affluent city-state.

Dyson insisted it was to be closer to booming Asian markets -- but there was fury that the tycoon was not investing more in UK manufacturing after vocally supporting Britain's exit from the European Union.

There had however been little indication that Dyson was having second thoughts about the high-profile project, which hundreds of employees were already working on, until an announcement late Thursday of the abrupt U-turn.

Dyson said in a statement that his team had developed a "fantastic car" based on an "ingenious" approach but added: "Though we have tried very hard throughout the development process, we simply cannot make it commercially viable."
"Given the global competitive landscape, you're adding a new manufacturer which is untested in the car industry and which does not appear to have the same kind of deep pockets as existing local car manufacturers."