Virgin To Develop Tesla’s EV Competitor
[dropcap]R[/dropcap]ichard Branson, founder of Virgin Group, has recently announced he might enter the electric car market in a few years. Virgin Group – with Virgin Airlines and Virgin Mobile – has already made a significant impact in the airlines and telecom industries.
“We have teams of people working on electric cars,” Branson told Bloomberg during the all-electric Formula E race. “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.”
Formula E race, much like its superior Formula 1, is a car racing event. Constituting the lineup are battery-powered race cars that can speed from zero to 60 miles per hour in three seconds. Each race is 45 minutes long. When the batteries use up all the charge, the drivers make a stop at their designated pit-stops for a refill.
Virgin Racing is currently third in the Formula E standings.
“Virgin Racing has shown that electric cars can be sexy,” Branson told CNN. “That’s where you start, and then you create cars for twenty-five, thirty thousand dollars for everybody.
“We might use Virgin Racing Engineering to develop a mass market car, but it will have to be very unique.”
Popular electric cars that cost $30,000 or less include General Motors’ (GM) Chevrolet Spark EV and Daimler’s (DDAIF) Smart Electric Drive.
“We might use Virgin Racing Engineering to develop a mass market car, but it will have to be very unique,” he said.
Inspired by Tesla’s success with the Model S luxury sedan, other companies are looking to enter the competition as well. Apple is developing an electric vehicle with possible release slated for 2020, while Google is also making an electric car with self-driving capability.
Virgin Galactic, Branson’s space travel venture, will also be seen locking horns with Tesla CEO Elon Musk’s Space X.
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