Oct 15,2019

KARMA AUTOMOTIVE BRINGS BITCOIN TO FLAGSHIP STORE

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  • Cryptocurrency Now Included as VVIP Treatment Offerings at Karma Newport Beach
  • Company-owned Store Serves as Test-Bed for New Form of Payment
  • Karma Opens Platform to Co-Develop and Test Blockchain Technology

 

IRVINE, Calif. (Oct. 15, 2019) – Karma Automotive, the Southern California-based creator of luxury electric vehicles and high-tech incubator, is using its flagship company-owned store in Newport Beach, Calif., to help further its shareholder’s expertise in blockchain technology by accepting cryptocurrency as a form of payment.

Karma Newport Beach now accepts Bitcoin as a form of payment for new vehicle sales and service performed at the facility.  It’s the latest example of the brand’s commitment to VVIP customer treatment and illustrates how Karma is emerging as a high-tech incubator.

“We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use,” said Karma CEO Dr. Lance Zhou, noting that the company is partnering with Wanxiang Group, its primary shareholder, to co-develop and test blockchain technology applications like Bitcoin. The collaboration was announced at Shanghai International Blockchain Week 2019, hosted by Wanxiang Blockchain Lab, during which international experts gathered to explore possible commercial applications and share key learnings about developing trends in blockchain technology.

“Karma’s flagship store will support our efforts to prove emerging technology and provide the latest VVIP customer treatment offerings by accepting Bitcoin cryptocurrency,” added Zhou.

The automaker recently relocated its company-owned store to 4040 Campus Drive in Newport Beach, a site adjacent to John Wayne Airport and the former home to other luxury automotive brands. The new facility, renamed Karma Newport Beach, will provide Karma with the size and resources it needs to help ensure future growth and scalability to accommodate a multi-vehicle line-up.

The 15,000-square foot building includes enough floor space to showcase close to 20 new Revero GTs and certified pre-owned Reveros. The company also plans to add a Customization Center, a state-of-the art vehicle and photo staging area, VVIP concierge service (given the dealership’s proximity to John Wayne Airport), and a detail center.

The automaker is currently represented by a growing list of retail partners in the U.S., Canada and select export markets. Karma’s growth plans will take the company from one continent in 2018, to four continents this year.

Karma has kicked-off a period of rapid product introduction including the U.S. launch of its 2020 Revero GT luxury electric vehicle to be followed by an all-new fully-electrified global platform in 2021. The company will use AutoMobility LA, the Los Angeles Auto Show’s press & trade event, to unveil a new performance-based variant of its Revero GT and more details about future product offerings on Nov. 19.

 

Meet Karma Group and the 2020 Revero GT

As our name implies, Southern California-based Karma Group is more than just a car company. Although we are best known as a creator of soul-stirring luxury electric vehicles, Karma has emerged as a high-tech incubator offering innovators a perfect platform to prove their emerging technologies. Founded in 2014 with nearly 1,000 people worldwide, Karma is reinventing the traditional retail-based automotive business model to create non-traditional value by opening its engineering, design, customization and manufacturing resources to other companies looking to speed product development, access new technology, or make their products more luxurious. The Revero GT is a luxury electric vehicle powered by dual electric motors that embodies Karma’s goals of offering leading automotive design, technology, customization and an outstanding customer experience. Our growing number of retail partners in North America is accepting pre-orders of the Revero GT and first deliveries are expected to happen during the further quarter 2019. Every Revero GT is created with great individual care and world-class craftsmanship at the Karma Innovation and Customization Center in Moreno Valley, Calif. We are backed by a patient and well-funded shareholder committed to sustaining Karma’s long-term future through the creation of a global, all-electric vehicle platform that will serve as the foundation for many different models starting in 2021.

 

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