The Newport Beach, California dealership of Karma Automotive has started allowing customers to purchase cars with Bitcoin.
With shareholders in the luxury hybrid car manufacturer linked to the world of blockchain technology, Karma is keen to embrace Bitcoin as a payment method.
Offering Bitcoin is said to be part of the brand’s ambitious expansion plans, which have seen Karma begin selling vehicles on four continents.
Expansion using blockchain technology
The announcement to allow Bitcoin came as part of the Shanghai International Blockchain Week 2019 event, and sees the plug-in hybrid car company collaborating with Wanxiang Group‘s Blockchain Lab.
Wanxiang Group became the largest shareholder in Karma Automotive, following the bankruptcy of Fisker Automotive in 2013. Karma CEO, Dr. Lance Zhou, noted that the flagship dealership “will support our efforts to prove emerging technology and provide the latest VVIP customer treatment offerings by accepting Bitcoin cryptocurrency”.
Karma currently offers the $130,000 Revero plug-in hybrid four-door sedan, with a new 2020 Revero GT set to join the model range at $165,000. At current values, customers would need 16 Bitcoin for the standard Revero, and over 20 for the GT version.
How to empty your Bitcoin wallet
Karma’s Newport Beach dealership covers 15,000-square feet, with space for up to 20 vehicles on display. The company also plans to add a special customization suite to the store, along with a home for its special ‘VVIP’ concierge service.
Karma becomes one of a number of dealerships to offer Bitcoin, following the rapid growth in the value of the cryptocurrency during 2017.
Newport Beach in California is also home to a Lamborghini dealership willing to accept Bitcoin. Numerous other dealer groups offer the currency across the USA, covering brands including BMW, Subaru, Bentley, and Bugatti.