Dyson, British vacuum cleaner maker, announced that they intend to release a "premium" electric vehicle in 2020.
Dyson, has been working with electric battery technology for close to two decades as they developed advanced hand dryers and vacuum cleaners Leveraging this expertise in battery tech, Dyson has stated that this will be the first in a line of battery vehicles.
"We know this is a crowded market," said Dyson founder Sir James Dyson following his confirmation that the company intends to invest $2.7 billion on battery and car technology. Half of this investment is projected to be spent on design and manufacturing, and half will be spent on the battery.
Combined with the fact that Dyson purchased a University of Michigan spinoff Sakti3 for $90 million that specializes in battery tech, a Morgan Stanley analyst (Adam Jones), explained last year that because Dyson uses the same motors found in electric cars, this undertaking could be a real possibility.
“The potential concern for incumbent players is that true expertise in battery technology, electric motors, etc, may lie with companies like Dyson, LG (of Korea) and not the traditional suppliers/manufacturers which have been focussed on mastering the most dominant powertrain over the last 100 years,” Jonas said.
Sir James Dyson said he expected to make a profit on the venture, and predicted that this new automotive business would outgrow the rest of the company.
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