British appliance maker Dyson has scrapped its plans for an electric vehicle, according to a companywide email that said it 'simply can no longer see a way to make it commercially viable.'
Dyson had previously indicated the project would cost around $2.7 billion.Franziska Krug | German Select | Getty Images
In the email, which the company provided to CNBC, CEO James Dyson said that he and the board of directors decided to stop the project after failing to find a buyer for it. The $2.7 billion originally intended for the electric car project will be spent developing other products for the privately held company, including on battery technology, Dyson said.
"This is not a product failure, or a failure of the team, for whom this news will be hard to hear and digest. Their achievements have been immense – given the enormity and complexity of the project," Dyson wrote in the email.
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