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 cannot 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 won't finish.'
Branson's Virgin Racing team competes all-electric Formula E series . Said the technology in race cars could be used to create a road going car .