The company is reported to have set aside £2 billion (or $2.6 billion) for the scheme and it will certainly need it to compete with the current evolving pace of the market. While Dyson will be more than a little late for the party it has been in the production business for electric car parts for some time, so they're certainly not starting from zero.
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This development in Singapore isn't the only direction in which Dyson are progressing as its R&D facility in Hullavington will be creating an additional 300 automotive positions. Singapore is extremely well positioned for the production of electric vehicles due to it's proximity to mainland China, one of the largest markets for electric cars in the world.