As the world is transitioning its transportation systems United states do not want to be left behind in the race than it already is as compared to the European nations. Dyson decided to withdraw itself from the race and the reason was that it could not compete with the giants in the industry who are spending 30 to 40 times what Dyson can spend then there is no point in competing.
Dozens of start-ups have entered the fray over the last few years, including Tesla and Lucid Motors Inc. in the U.S. and Byton Ltd. and Nio Inc. in China. Since 2011, electric vehicle start-ups have raised $18 billion in funding and announced 43 models and the capacity to make 3.9 million vehicles a year, according to Bloomberg New Energy Finance. That’s a lot of competition.
Although Dyson’s $1.37 billion of earnings before interest, taxes, depreciation, and amortization in 2018 gave the relatively small British manufacturer some money to play with, standing out from the electric vehicle crowd would have been quite the challenge. And those earnings are a drop in the ocean compared with the wealth of the automotive giants that are waking up to the epochal shift away from dirty combustion engines.
With Tesla growing more than ever and other manufacturers launching their electric vehicles its good that Dyson rolled out or else it would have suffered serious losses and would have to lose all the research it had amassed.
Tags : transportation systems, European nations, Lucid Motors, British manufacturer, Dyson ,