Hyperdrive
Billionaire Dyson Shrugs Off Ill-Fated EV Foray With Profit Rise
- Profit took 198 million-pound hit from halted operations
- Car project drew in 400 engineers before it was shelved
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James Dyson’s technology firm reported a 17% jump in profit in 2019, a year when the home appliance maker decided to move its headquarters to Singapore from the U.K. and abandoned efforts to develop an electric car.
Dyson Holdings Pte., best known for its vacuum cleaners and hand dryers, made a net income of 711 million pounds ($952 million) last year, it said in filings in Singapore. That was after taking a 198 million-pound hit from discontinued operations, including its automobile project. Revenue rose 23% to hit 5.4 billion pounds.