Dyson represents one of the most high-profile players to pull out of a sector that’s attracted hundreds of start-ups in recent years seeking to become the next Tesla Inc. But there are mounting signs that the bubble is bursting as China scales back handouts in the sector and competition heats up. Sanford C Bernstein estimates that global EV sales fell for the first time ever in July and dropped by a record 23% in August.
(Oct 11): Dyson’s sudden decision to scrap its US$2.5 billion ($3.4 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.
