By The company revealed today that 400 of its staff have been secretly working on a £2bn project to build a battery-powered vehicle for the last two years.
However, the car does not yet exist and a factory site is yet to be chosen, the company says. Sir James declined to give further details of the project.
“Competition for new technology in the automotive industry is fierce and we must do everything we can to keep the specifics of our vehicle confidential,” he told staff in an email.
Despite no car being built, the firm has began developing two different battery types that are reportedly more efficient than those in current electric vehicles, The Guardian reports.
Sir James did not name a price but warned the car could be expensive, saying: “Maybe the better figure is how much of a deposit they would be prepared to put down.”
The Financial Times reports that the company is currently deliberating over whether to begin manufacturing in the UK or the Far East.
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