Billionaire entrepreneur Richard Branson 's Virgin Group may take on Tesla Motors and other companies in developing electric cars . Branson , whose empire ranges from airlines to music stores , mobile phones and spaceships , said electric cars may be next . 'We have teams of people working on electric cars , ' Branson told Bloomberg TV in Miami where his Virgin Racing team competed in the all-electric Formula E race that involves battery-powered cars . Scroll down for video . Richard Branson runs a two car team in the Formula E contest - and hinted the firm may use the races to develop an electric car to take on Tesla . 'So you never know , you may find Virgin competing with the Tesla in the car business as we do in the space business . 'We will see what happens . ' 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 the Virgin Formula E team to develop the plan for next season 's cars , ' Virgin Group spokesman Nick Fox told Reuters . 'Our aim is to build a leading engine and car for next season . 'Maybe ultimately that could be used in the broader car market in the future . ' In addition to Tesla , most of the world 's automakers sell or are developing electric cars . The Virgin firm could take on Elon Musk 's Tesla electric car firm , according to Branson . There are also signs Apple may be working on an electric car and Google is developing a car that can drive itself . However , broader acceptance of electric cars has been held back by the premium consumers must pay for the technology and fears about the driving range of an all-electric vehicle . Branson told Bloomberg TV , 'Tesla is as sexy as any other car on the road today . ' The streets snaking through . downtown Miami 's high rises will be buzzing this Saturday as . commuters make way for dart-shaped racing cars zooming by at . breakneck speeds - and little noise . The race drivers will be competing in the first Formula E. race in the United States since the all-electric series was . launched in Beijing in September 2014 . Halfway through its inaugural season , Formula E has offered . the same , albeit quieter , thrills as the popular Formula One . events , with low-slung , opened-wheeled cars capable of speeds up . to 136 miles per hour ( 220 kilometers per hour ) . The Beijing race ended with a spectacular crash that sent . one of the $ 500,000 Renault SA cars flying . Danger and adrenaline are not all that you find on the . track , however . 'It 's really something to see how racing has evolved to . fully electric motors . It could revolutionize racing and . transportation in general , ' said Daniel Fernandez , 17 , who . bought tickets with several high school friends to attend the . race , which is expected to attract more than 50,000 spectators . The series was launched by Jean Todt , a French racing icon . and former Ferrari chief executive who heads of the Federation . Internationale de l'Automobile ( FIA ) that oversees Formula One . It is backed by environmentalist and actor Leonardo DiCaprio . and entrepreneur Richard Branson , whose Virgin Group sponsors a. two-car team . Developing a so-called green racing series has meant . overhauling how the races are run . Car batteries can not be . charged mid-race , forcing drivers at some point to rush into a. second , fully charged car . The cars give off a high-pitched whistling sound , a bit like . a dentist 's drill . Drivers also must carefully manage their power , a challenge . for race cars with a limited battery life . 'We have a target ( power ) consumption per lap and we need to . respect that like the Bible , ' said Jaime Alguersuari , a . 24-year-old Spanish driver with Virgin . 'You want to win , but if . you burn up all your energy you wo n't finish . '
Branson 's Virgin Racing team competes all-electric Formula E series . The company is developing a new electric car for the race track, which will be powered by its own battery and run on electricity from renewable sources such as wind farms or solar panels.