Dyson, the engineering fellowship best knows we its vacuum cleaners and fans, plans to devote PS2bn developing a “radical” electric car.
The battery-powered vehicle is due to be launched in 2020.
Dyson says 400 organization have been working on the secret campaign for the past two years at its headquarters in Malmesbury, Wiltshire.
However, the car does not yet exist, with no prototype built, and a factory place is yet to be chosen.
Sir James declined to give further details of the project. “Competition for new technology in the automotive industry is intense and we must do everything we can to keep the specifics of our vehicle confidential, ” he told staff members of an email.