'Virgin will compete with Tesla in the electric car business,' says Richard Branson

Virgin boss Richard Branson goes head-to-head with Tesla CEO Elon Musk by developing electric car.

Virgin boss Richard Branson is about to go head-to-head with Tesla’s Elon Musk by adding an electric vehicle to the brand’s already extensive portfolio.

During an interview with Bloomberg TV, Branson said that he has a team working on developing an electric vehicle for the mass market, which would rival Tesla. This statement was released during the Formula E event in Miami. The billionaire said that Virgin might compete with Tesla in the electric car business in the future.

Virgin has already developed an electric car, which is currently competing in the electric version of the world's premiere racing competition Formula 1. Formula E uses a more defined and well-engineered electric motor similar to its counterparts in Formula 1.

Commercial electric car development is not the only field in which Branson and Musk will go head-to-head – Virgin Galactic is a commercial spaceflight company that works on electric motors and competes with Tesla's SpaceX, which was also founded by Elon Musk.

According Reuters, Virgin's spokesman, Nick Fox confirmed that they are currently working with Virgin's Formula E in developing a plan for the next season's car. He also added that Virgin Group's aim is to develop and build an engine that will dominate the sport and ultimately will develop a car that can be used by a broader market. 

Aside from Tesla, more and more companies such as Apple were reported to put time and resources in developing their own electric car while Google on the other hand is currently developing a car that can drive it self and it won't be a surprise if they will also join the bandwagon of electric cars.

Branson ended the interview by saying that Tesla is as sexy as any other car on the road today.