British electric appliance pioneer Dyson, famed for its bagless vacuum cleaners, announced Friday that it will invest £2.75 billion ($3.7 billion, 3.1 billion euros) to double its product range by 2025.
Dyson said in a statement that it will plough the cash into operations in Britain, the Philippines and Singapore under ambitious plans to also start producing goods designed for outside the home.
The news comes after Dyson abandoned plans last year to produce electric cars after concluding that the project was commercially unviable.
The company said Friday that its new investment plans would target batteries, robotics, next-generation motor technology, intelligent products, machine learning and connectivity.
“We continue the expansion of our operations in Singapore, UK and South East Asia, as a vital step of our future development,” Dyson CEO Roland Krueger said.
“Now is the time to invest in new technologies such as energy storage, robotics and software which will drive performance and sustainability in our products for the benefit of Dyson’s customers.
“We will expand our existing product categories, as well as enter entirely new fields for Dyson over the next five years. This will start a new chapter in Dyson’s development.”
In reference to battery technology, the group added that it was also seeking to produce “safer, cleaner, longer-lasting and more efficient energy storage” than the batteries currently in use.
The company was founded by entrepreneur James Dyson, who in May headed The Sunday Times ranking of richest Britons with a fortune of £16.2 billion.
The group switched headquarters to Singapore last year in a move that prompted fury in Britain that the billionaire tycoon — a vocal Brexit backer — was not investing more in British manufacturing.
Dyson has not been immune to the fallout from the global coronavirus crisis.
The firm revealed in July that it was cutting 15 percent of its UK workforce and eliminating 900 jobs globally because of the Covid-19 outbreak, as lockdowns changed consumer behaviour.
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/AFP