Dyson said Thursday it has canceled its electric car project.
Engineer James Dyson, the billionaire founder of the British technology company known for its vacuum cleaners and hand dryers, wrote in an update on the company’s website Thursday that “a fantastic car,” has been developed, but they have not been able to find a buyer.
“Though we have tried very hard throughout the development process, we simply cannot make it commercially viable,” Dyson wrote.
Approximately $3 billion was committed to the project, which Dyson said will continue to go toward new technology.
Dyson announced plans in 2017 for the battery-powered vehicle with a goal initially to have them on the market by 2020, but the date got pushed to 2021 with plans to build a Singapore manufacturing plant.
The company had around 600 people working on the automotive team.
“We are working to quickly find alternative roles within Dyson for as many of the team as possible and we have sufficient vacancies to absorb most of the people into our Home business,” Dyson wrote. “For those who cannot, or do not wish to, find alternative roles, we will support them fairly and with the respect deserved.”