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Richard Branson says Virgin might compete with Tesla on electric cars

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Will Virgin ever make an electric car for consumers? Virgin founder Richard Branson hinted to Bloomberg this week that an electric vehicle meant for the roads is quite possibly in the works. "We've got teams of people trying to develop and work on electric cars," he says. "So you never know. You may well find Virgin competing with Tesla in the car business as we do in the space business. We'll see what happens."

Virgin is working on electric vehicles to compete in Formula E, an electric-vehicle racing series. With Virgin already committed to that line of work, it certainly seems as though it could move into consumer vehicles, too. It's an area that's likely to see huge growth in the not-too-distant future, and everyone from traditional automakers to tech companies are now preparing for it. Virgin is already working on the tech — it's just a matter of what the company decides to do with it.