Singapore/New York — Dyson’s sudden decision to scrap its $2.5bn electric-vehicle (EV) ambitions is the latest reality check creeping into the once soaring EV industry.

The famed maker of vacuum cleaners and hair dryers could not find a way of making the project commercially viable, billionaire James Dyson said in a letter to staff on Thursday. The announcement came about two years after the company first disclosed its plans to jump into car manufacturing...

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