Iconic British manufacturer Dyson said it ramped up investment into research and development (R&D) by 40 per cent in 2023, as it looks to capitalise on rapidly growing technology sectors.
Dyson, the maker of vacuum cleaners, fans and hair appliances said it is now pumping over £9m a week into the R&D of artificial intelligence (AI), robotics, next-generation batteries, and software at its major research hubs in the UK, Singapore, Malaysia, and the Philippines.
The engineering firm’s investment in battery technology could help it improve product performance and lifespan.
Sir James Dyson, founder and chief engineer, said: “Despite all the headwinds, including a challenging economic environment, inflation, product shortages, and the continuing impact of the 2022 closing of our Russia business – 2023 was a very good year.”
After hitting record global revenues of £7.1bn in 2023, up nine per cent year on year, Dyson is now gearing up for its biggest line of product launches to date. In particular, its army of 6,500 engineers will focus on growing its beauty technology, home technology and wearables categories.
In a bid to attract new customers, the company has been experimenting with different types of products, such as its active noise-cancelling and air-purifying headphones.
“We are ahead of our investment plan and have launched radical new products such as the professional Dyson Supersonic r™ hair dryer, Dyson Airstrait straightener, Dyson Zone and an entirely new way to clean hard floors with our wet cleaners,” said Dyson.
“We are excited to get these products into people’s hands in 2024,” added the British business magnate who recently slammed political leaders for not “going for growth”.
In January, the electronics giant appointed automotive industry veteran Hanno Kirner as its new chief executive. The decision came after scrapping an attempt to build an electric car in 2017 after investing £500m into the venture.
It comes as Dyson’s major new £100m Technology Centre in Bristol, announced last year, is still in progress. In the UK, Dyson also has an advanced robotics team at Hullavington Airfield and a growing team at its AI London laboratory.
To address the UK’s skills gap – and Sir James Dyson’s own frustration with finding enough talent own frustration with finding enough talent – Dyson opened the Dyson Institute in 2017, offering a place for undergraduates to complete an engineering degree while earning a salary and paying no tuition fees.
It now has 156 undergraduate engineers and from September will also offer a master of engineering degree.
Dyson, once a keen Brexiteer, said he hopes the students who “pay tax and actually contribute to the Exchequer,” will go on to lead his company in the future.