Dyson, maker of high-tech vacuum cleaners and fans, has long been rumoured to be getting into the car game. That’s no longer a rumour, as the company has confirmed that it’s working on a battery electric vehicle with an all-electric drivetrain, to be launched by 2020.

Company founder, Sir James Dyson, revealed this week he’s investing around $2.7 billion in the project, adding that a 400-strong engineering team has been working on the electric car for the last two years at its U.K. headquarters in Wiltshire.

This news can only be a good thing for consumers…

Dyson is entering a crowded space that's becoming increasingly competitive, but that can only be a good thing for car buyers. This will lead to more choice amongst consumers and will hopefully drive down the price of what may be a very pricey market.