elon musk
Elon Musk, co-founder and Chief Executive Officer of Tesla Inc., speaks at an unveiling event for The Boring Company Hawthorne test tunnel. Musk and SEC are going to court next week. Robyn Beck-Pool/Getty Images

At an annual shareholder's meeting this past week, Tesla (TSLA) CEO Elon Musk said that his company is working on a new car model, which was inspired by the 1977 James Bond film "The Spy Who Loved Me."

"I think the market for this would be small, but fantastic," Musk said at the meeting.

The automobile will not only be able to drive on roads but also go under water. In "The Spy Who Loved Me," fictional British secret service agent James Bond drove a Lotus Esprit sports car that also served as a submarine.

Musk bought the Lotus Esprit in 2013 from the film for $800,000, but he was "disappointed" when he found out the automobile couldn't transform into a submarine in real life.

"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," Musk told USA Today in 2013.

Since then, Musk has toyed with the idea of building an aquatic car.

Musk's current projects to soon be released as a part of Tesla brand include an all-electric pickup truck and the Model Y, a five-door, seven-seater sports-utility vehicle.