James Dyson says he spent £500M of his own money on the company’s canceled electric vehicle

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Dyson’s canceled electric vehicle was known internally as the N526, would have had a 600-mile range per charge and could go from zero to 62 mph in 4.8 seconds, company founder James Dyson said in an interview with the (London) Sunday Times . James Dyson says he even drove the prototype of the SUV-style vehicle, meant to rival Tesla’s electric vehicles, “secretly in a screened-off compound.”

The vacuum cleaner company’s short-lived electric car project started in 2017, and at one point some 600 people at Dyson were working on it. In 2018, Dyson said it would build a manufacturing plant in Singapore to make the EVs, and was also working on developing solid-state batteries for the vehicle.

Sir James Dyson, Britain’s richest man, spent...