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00:00:00
>> Britain's answer to Elon Musk has plans for a showdown. Billionaire inventor James Dyson unveiling plans to invest a further $160 million in his electric car projects. That would see him take on the likes of Musk's pioneering Tesla.>>
APPLAUSE
>> So, what do you think?>> If given the green light, the plans will result in a test center complete with an off-road course and high speed track in southwest England, with the potential to create 2,000 jobs.
00:00:26
It's a saturated market, but the maker of the first bagless vacuum cleaner and bladeless fan could break the mold, says Reuters' Costas Pitas.>> Obviously, Dyson has the history of developing technology in vacuum cleaners, in the hair dryers, in hand dryers and has done extremely well and those products are very popular around the world.
00:00:49
What they and other new entrants in this sector, the likes of Tesla say, as well, is because they don't have all of this baggage from 100 years or 150 years of building cars, they can do something different and innovative without the history impeding them.>> The plans so far have been a secretive affair.
00:01:08
No designs have been released, and the company only went public with its ambitions to break into the car industry in 2017, three years after it began work on the project. In total, it's investing over $2 billion in its development of an electric car. That's potentially welcome news for a country looking to boost its manufacturing industry ahead of Brexit, which Dyson strongly backed.
00:01:30
>> But a key aspect that we still don't know is the electric vehicle that Dyson hopes to have by the turn of the decade, where will they be building that? At the moment, they have manufacturing sites in Singapore, in Malaysia. He hasn't said whether it'll be in the UK, so that'll be a big test for him and for the industry more broadly.
00:01:49
>> Dyson plans to have its cars on the road by 2021.