Hyperdrive
Dyson Becomes Latest Sign That Electric-Car Bubble Is Bursting
- Company had planned to build electric cars in Singapore
- Bubble concerns have been mounting, particularly in China
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Dyson Ltd.’s sudden decision to scrap its $2.5 billion electric-vehicle ambitions is the latest reality check creeping into the once soaring EV industry.
The famed maker of vacuum cleaners and hair dryers couldn’t find a way of making the project commercially viable, billionaire James Dyson said in a letter to staff Thursday. The announcement came about two years after the company first disclosed its plans to jump into car manufacturing.