Flamboyant British billionaire Sir Richard Branson is planning to build his own electric cars and intends to give Elon Musk and his Tesla Motors a run for his money.

The founder of the Virgin Group consisting of over 400 companies and now the founder of the Virgin Racing Formula E team is apparently prepared to take the next logical step to designing, building and racing high-sped electric racing cars: build electric cars for the masses.

Like Us on Facebook

"We have teams of people working on electric cars," Branson told Bloomberg. "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."

But Branson, the seventh richest citizen of the United Kingdom, is an admirer of Tesla.

"Tesla is as sexy as any other car on the road today," he said.

Branson's Virgin Racing Formula E team is owned by the Virgin Group. It currently competes as one of eight teams in the 2015-16 season of the electric racing series, FIA Formula E Championship.

Virgin Racing is currently ranked third after the Round 5 race held in Miami last March 14. The team is headed by Team Principal Alex Tai, who has been directly involved in a number of Virgin's pioneering technology projects in aviation, space and more recently racing, alongside Branson.

Formula E, officially the FIA Formula E Championship, is a class of auto racing, sanctioned by the Fédération Internationale de l'Automobile (FIA). It's the highest class of competition for one-make, single-seater, electrically powered racing cars.

The series was conceived in 2012 and the inaugural championship was held in Beijing on September 13, 2014.

Formula E is the world's first international, all-electric racing event. The cars are virtually silent, and emit a piercing whine instead of the throbbing roar of Formula1 cars. Formula E cars attain maximum speeds of 160 miles per hour.