After years of boasting on his Facebook page of a photo of himself with UK businessman James Dyson, Prime Minister Lee Hsien Loong has been slapped in the face after Dyson confirmed they are withdrawing S$4.3 billion of investment in Singapore.
James Dyson confirmed the news on yesterday (Oct 10) saying that building electric cars in Singapore is not profitable:
“Our engineers had developed a fantastic electric car and have been ingenious in their approach. But despite having tried very hard throughout the development process, the electric car could not hit the roads because it was not commercially viable… I wanted you to hear directly from me that the Dyson board has therefore taken the very difficult decision to propose the closure of our automotive project.”
The UK company said it will be diverting the multi-billion funding for the electric cars to build solid state batteries and other technologies, and it did not confirm these new developments will be in Singapore.
An embarrassed Economic Development Board wearily responded:
“As Dyson’s decision not to pursue the electric vehicle business was taken at an early stage, the disruption to its operations and workforce in Singapore will be minimal.”