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Californian luxury electric car maker now accepts cryptocurrency payments

By Ramla Soni

Karma accepts Bitcoin and opens platform to develop and test blockchain technology

Karma Automotive is now using blockchain technology with its shareholders by accepting cryptocurrency as a form of payment.

Its flagship company-owned store in Newport Beach now accepts Bitcoin as a form of payment for new vehicle sales and service performed at the facility, the California-based luxury electric car manufacturerstated.

The company is partnering with Wanxiang Group, its primary shareholder, to co-develop and test blockchain technology application.

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 chief executive, Dr Lance Zhou, said Karma is opening its platform to “serve as a test bed to help convert theoretical blockchain applications to practical use”.

Karma recently held the US launch of its 2020 Revero GT luxury electric vehicle, which is to be followed by an all-new fully-electrified global platform in 2021.

The automaker has 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 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 company said.

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