Known as the expensive version of Tesla cars, eco-conscious Karma Automotive is all set to embrace cryptocurrencies. The California-based luxury automaker now accepts bitcoin in its flagship store at the Newport Beach, California.
As per the company’s blog post, payment for new electric car sales and services can be carried out through bitcoin. This is done for two reasons: one to serve the VVIP customers, and the other to elevate the company’s brand positioning. By embracing cryptocurrency payment, Karma Automotive aims to be the industry’s “high-tech incubator.”
Speaking about this major announcement, CEO Dr. Lance Zhou said:
“We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use.”
Karma Automotive’s luxury cars are fancy — using gasoline, solar, electricity as fuel — and has evolved with time. Some of Karma’s car compete with entry-level versions of Tesla.
Karma Automotive re-emerged in 2013, after the Chinese manufacturer Wanxiang Group purchased the company at around $150 million. Plus, to streamline its production, the company has moved its assembly and manufacturing process to Southern California, and aims to expand to Canada soon.
For now, as the transaction time for bitcoin can take longer — sometimes even hours — the company has limited this form of payment to VVIP customers.
The introduction of bitcoin for payment is, in many ways, an electrifying move by the company.