Richard Branson Hints at Entering Electric Car Business; Could Rival Musk's Tesla

Innovators - what would we do without them? They work hard to make a better tomorrow but sometimes they work harder to beat their closest competitor. A competition could be on the cards as billionaire Richard Branson has revealed that he could eventually build electric vehicles to rival Tesla.

He revealed to Bloomberg TV at the Formula E race in Miami, "There are teams of people working on electric cars so you never know-you may find Virgin competing with Tesla in the car business as we do in the space business."

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Branson's Virgin Galactic is a commercial spaceflight company that competes with SpaceX, which was founded by Tesla CEO Elon Musk and we may see this competition growing if Virgin decides to enter the electric vehicle segment.

He went on to suggest that Virgin Racing's involvement in Formula E could help to pave the way for the potential road car. Branson even suggested that an electric vehicle meant for the roads is quite possibly in the works. Formula E will be a great platform to get a grip on the technology which will eventually trickle down into the road car.