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LONDON: British home appliance pioneer Dyson, famous for its bagless vacuum cleaners, announced on Friday (November 27) that it will invest £ 2.75 billion (US $ 3.7 billion) to double its product range by 2025.
Dyson said in a statement that it will invest the cash in operations in Britain, the Philippines and Singapore under ambitious plans to start producing goods designed for outside the home as well.
The news comes after Dyson abandoned plans last year to produce electric cars after concluding that the project was not commercially viable.
READ: Dyson to move corporate headquarters to Singapore
READ: Take a look at Dyson’s high-tech R&D facility in Singapore
The company said on Friday that its new investment plans would target batteries, robotics, next-generation motor technology, smart products, machine learning and connectivity.
“We continue to expand our operations in Singapore, UK and Southeast Asia, as a vital step in our future development,” said Dyson Chief Executive Officer Roland Krueger.
“Now is the time to invest in new technologies, such as energy storage, robotics and software, that will drive the performance and sustainability of our products for the benefit of Dyson customers.
“We will expand our existing product categories as well as enter completely new fields for Dyson over the next five years. This will start a new chapter in Dyson’s development.”
Referring to battery technology, the group added that it also sought to produce “safer, cleaner, longer lasting and more efficient energy storage” than batteries currently in use.
READ: Dyson is looking to hire “ substantially ” more electronics engineers and digital marketers in Singapore.
The company was founded by businessman James Dyson, who in May topped The Sunday Times’ ranking of the richest Britons with a fortune of £ 16.2 billion.
The group moved headquarters to Singapore last year in a move that sparked fury in Britain that the billionaire mogul, a vocal Brexit supporter, was not investing more in British manufacturing.
Dyson has not been immune from the consequences of the global coronavirus crisis.
The firm revealed in July that it was cutting 15 per cent of its workforce in the UK and cutting 900 jobs globally due to the COVID-19 outbreak as the lockdowns changed consumer behavior.
