Luxury Electric Car Firm Explores Blockchain; Enables Bitcoin Payment Options

Southern California-based luxury electric cars manufacturer and high-tech incubator—Karma Automotive has recently announced that the company’s flagship store in Newport Beach, California will now be accepting Bitcoins as a form of payment.

Besides illustrating Karma’s commitment to its VVIP customers, this initiative will further instate its shareholder’s expertise in blockchain technology, and thus re-establish the brand as a high-tech incubator.

In the announcement, CEO of Karma Automotive, Dr. Lance Zhou, noted that the company is partnering with Wanxiang Group with the aim of co-developing and testing blockchain technology applications. He said,

The aforesaid partnership was declared at the Shanghai International Blockchain Week 2019, hosted by Wanxiang Blockchain Lab, in the presence of international experts who were present to explore commercial applications of blockchain technology and share globally emerging trends in the domain.

Karma has recently relocated its company-owned store to 4040 Campus Drive in Newport Beach, flaunting a 15,000-square foot building capable of housing close to 20 brand new Revero GTs and certified pre-owned Reveros. The company is also planning to include a Customization Center, a state-of-the-art vehicle and photo staging area, VVIP concierge service, and also a detail center. The creator of luxury electric cars is also represented by a rapidly growing list of retail partners in the U.S., Canada, and selected other export markets. The organization’s growth plans suggest that they will expand from one continent in 2018, to as much as four continents this year.

The automaker has introduced a whole new array of product line-up in recent times, including the U.S. launch of its 2020 Revero GT to be followed by a neoteric fully-electrified global platform in 2021. The company is also set to unveil a new performance-based variant of its Revero GT at AutoMobility LA, the Los Angeles Auto Show’s press & trade event, on November 19.

On the other side, automobile manufacturers across the globe have been exploring and experimenting with blockchain technology and cryptos. Ford Motor Company has already declared that they are looking into bringing together blockchain and geofencing to accurately track the number of “green miles” driven by its energy-efficient cars. In addition, BMW, Ford, General Motors, Renault, and Honda have also been reported to start testing a blockchain-based car identification and payment systems.

A leading Indian automobile manufacturer, Tata Motors, has also announced plans to leverage blockchain solutions to streamline various aspects of the automotive industry, such as parking marketplace, demand prediction algorithms, and real-time monitoring of fuel quality.