TeslaScottish fund manager Baillie Gifford would be willing to invest more in electric car company Tesla, believing its founder has a vision worth backing.

Baillie Gifford is the second largest shareholder in Tesla, owning 7.72% of the Silicon Valley giant, and has consistently backed Elon Musk who recently settled a fraud case with America’s financial watchdog and stepped down as chairman.

Nick Thomas, a partner at Baillie Gifford, said: “If he needs more capital we would be willing to back him,” adding that Mr Musk was an entrepreneur of “vision and ambition, who’s working towards a social good”.

The investment firm believes that if he fulfils his ambitions Tesla will be worth considerably more than its current $57 billion market value.

At the time of Mr Musk’s attempt to take the firm private, Baillie Gifford said it considered it to be undervalued.