Yahoo Finance Dyson to invest £2.75bn in robotics, AI and batteries
Dyson is investing £2.75bn into new technology over the next five years in a push to expand its range of products beyond home appliances for the first time.
The company, headed by billionaire Sir James Dyson, is best known for its wireless vacuum cleaners, air conditioners, and hair dryers but the new investment will go into different areas.
Dyson said it will be used to fund research in robotics, next generation motor technology, smart products, machine learning and material science.
The company will also focus on the commercialisation of its solid state battery technology, which it claims will allow it to build cleaner, longer lasting and more efficient batteries.
Investments will be spread across Dyson's operations in Singapore, the UK and the Philippines. Dyson aims to double its range of products by 2025.
In the UK, the company said it was “deepening its commitment” to its Hullavington and Malmesbury campuses in Wiltshire and confirmed that it would be hiring for new roles in both.
In Singapore, Dyson is pushing forward with plans to open a new global head office as well as expand its research and development facilities. It also plans to build an “advanced manufacturing hub” in the city-state. A new software hub will also be built in Alabang in the Philippines.
Roland Krueger, the company’s chief executive, said that expansion was a “vital step” for its future development.
“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,” he said.
“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.”
The investment comes despite a decision by Dyson to cut 900 jobs announced in July. The company is set to axe 600 jobs from its 4,000 staff in the UK as part of its post-Covid planning. Many of the announced cuts were in customer service. A further 300 jobs will be cut from its 14,000-strong workforce globally.
Last year, Sir James abandoned an attempt to build an electric car, despite having earlier earmarked £2.5bn for the project.
The billionaire entrepreneur said his plans were not commercially viable, but he has refused to rule out another attempt at his dream.
