Branson says Virgin working on electric cars: Bloomberg TV

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(Reuters) – Billionaire entrepreneur Richard Branson’s Virgin Group may take on TeslaMotors Inc and companies developing electric cars, Bloomberg reported on Thursday.

Branson, whose empire ranges from airlines to stores, mobile phones and spaceships, said electric cars may be next.

“We have teams of people working on electric cars,” Branson told Bloomberg TV Miami where Virgin Racing team competed all-electric Formula E that involves battery-powered cars. “So you never know, you may find Virgin competing with Tesla in car business as we do in the space business. We will see what happens.”

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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.

“We are working with Virgin Formula E team to develop plan for next season’s cars,” Virgin Group Nick Fox told Reuters. “Our aim is to build a leading engine and car for next season. Maybe ultimately that could be used in broader car market in .”

In addition to Tesla, most of the world’s automakers sell or are developing electric cars. There are also Inc may be working on an electric car and Google Inc is developing a car that can drive itself.

However, broader acceptance of electric cars has been held back by the premium consumers must for the technology and fears about the driving range of an all-electric vehicle.

Branson told Bloomberg TV, “Tesla is as sexy as any car on the road today.”