A submarine car isn't totally out of the question for Tesla, Elon Musk says.

In response to a question about whether the company would ever look to develop an aquatic car during the company's annual shareholder's meeting on Tuesday, Musk chuckled and said: "Funny you should mention that...we do have a design for a submarine car like the one from 'The Spy Who Loved Me.'"

Musk was referring to the 1976 Lotus Esprit, which turned into an amphibious car and was driven on land and underwater in the 1977 James Bond film.

"I thought that was like the coolest thing I have seen in a movie," Musk said, adding that he also owns this car. He reportedly bought the Lotus for around $997,000 at an auction in London in 2013 .

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"It was amazing as a little kid in South Africa to watch James Bond in 'The Spy Who Loved Me' drive his Lotus Esprit off a pier, press a button and have it transform into a submarine underwater," he said in a statement in 2013.

"I was disappointed to learn that it can't actually transform. What I'm going to do is upgrade it with a Tesla electric powertrain and try to make it transform for real."

Musk said Tuesday that it would be possible to create a functioning version of the vehicle though it would be difficult to do so. "Maybe we'll make one a show car at some point, that would be fun," he said. "I think the market for this would be small small, but enthusiastic," he added.

Watch the full video of the annual shareholders meeting here:

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