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Dyson decision offers latest sign that EV bubble is bursting
Dyson's sudden decision to scrap its $2.5 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 to make 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.
Dyson represents one of the most high-profile players to pull out of a sector that's attracted hundreds of startups in recent years seeking to capitalize on the industrywide move toward EVs, led by Tesla. 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 percent in August.
"Tesla's future remains uncertain. Almost all the EV startups trying to follow look challenged," Bernstein analysts, including Max Warburton and Robin Zhu, said in a report that cited the Dyson decision as a worrisome development in the industry. "Most of these startups will likely fold. The truth is barriers to entry in autos remain high. Making cars is hard. The move to EVs will be expensive."