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.