5. Dyson moving from vacuums to electric cars built in China.
From vacuum cleaners to electric vehicles, this is Dyson LTD’s move as it expands its business operations. Dyson intends to have the first rollout of its electric car by 2021. Its investment of 1.12 billion Euros (1.24 Billion USD) is set to fund the ambitious project.
Dyson joins an already competitive market with top car brands, such as VW, BMW, Mercedes, Tesla, and Toyota who have already made their mark in the electric vehicle market. However, Dyson promises it is approaching the vehicle manufacturing on a different platform from its competition. Over the past few years, Dyson has invested in the research of solid-state batteries. These will power the company’s vehicles unlike the lithium-ion battery powered cars on the market. The battery play is the company’s concept to edge out the competition. The company’s research on the battery received a 16 million Euro grant. Two competing groups within the Dyson brand received the grant and are working on different approaches to utilize the solid-state batteries.
According to Sir James Dyson, the company’s founder, the electric vehicle division will be the company’s largest revenue unit in coming years. This projection is informed by the uptake of electric cars, especially in the Asian market. Although Dyson remains silent on the location of its manufacturing plant, speculations suggest that out of all the Asian countries, China is the likely candidate.
Dyson’s auto plans are on course having already employed 400 engineers including top hires from Aston Martin and Tesla. The strategic announcement by Sir James Dyson came after two and a half years of concealing the project. With the project now known, Dyson will be in a position to make deals with auto-part suppliers as well as fast-track recruitment of new staff.