Dyson to make electric cars by 2020
London : James Dyson announced Tuesday he was investing £2.0 billion ($2.7 billion, 2.3 billion euro) into developing an electric car by 2020, a new venture for the British inventor of the bagless vacuum cleaner.
The 70-year-old British entrepreneur said work began two and a half years ago on a project which he hopes will help tackle the scourge of air pollution.
"Dyson has begun work on a battery electric vehicle, due to be launched by 2020," he said in an email to employees, referring to his eponymous company.
"The team is already over 400 strong, and we are recruiting aggressively. I'm committed to investing £2 billion on this endeavour," he said.
Details of the project remain top secret, but he said every element would be designed by his company.
He told journalists in London that half the investment would go into the car, the other half into the battery.
In seeking to launch his own electric car without the aide of an established partner, Dyson follows the lead of US firm Tesla, founded by business magnate Elon Musk.
But it will put him up against major players in the automobile industry who are making their own forays into new technology.
Asked if he intended to make a profit, he said: "I hope so. That's the idea."