The news report i heard said the company stated the project was being cancelled as it was deemed no longer commercially viable following a review.

Yup.. they were going to have to charge waaaay too much for them and get no market share.

They have zero car manufacturing expertise, canning the EV project was the right move, IMO.

 

But they have experience in motor and control circuits. They could be a serious competitor to likes of Bosch for their EV motors.