Karma Automotive, a luxury electric car maker that tries to fight Tesla, recently added Bitcoin payment as an option for the vehicles sold. Because of this, the automaker actually moved ahead of Tesla in sales.
Both old and new customers are allowed to use Bitcoin when they buy services or a new car model. This is available through the automaker’s Karma Newport Beach Store, the flagship operation of the company. You gain access to this through the special VIP option package.
The addition of BTC can easily boost the image of the firm, making it clear that it is interested in both the VIP clients and acts like a high technology incubator that cares about new trends. A partnership signed with the Wanxiang Group made the payment partnership possible.
Dr. Lance Zhou, Karma Automotive CEO, declared:
“Karma’s flagship store will support our efforts to prove emerging technology and provide the latest VIP customer treatment offering by accepting Bitcoin cryptocurrency. “
When Bitcoin initially appeared, the big appeal came from the “lambo” but now many are interested in electric vehicles. The electrical vehicles by Karma open up the platforms they offer for testing in order to add new blockchain technology.
Bitcoin is useful for the larger scale purchases. We often see luxury cars and real estate listed as what people would want to purchase with BTC. Karma offers a really strong BTC-powered store that proves to be highly popular.
Right now, Karma is working at expanding its Revero GT model across Canada and the US. A fully global all-electric platform will be launched in 2021. Stores also carry a really innovative BMW three-cylinder engine capable of reaching 535 hp. Basically, through the models offered, Karma tries to become an incubator for breakthroughs in the automotive industry.
Tesla did not show a direct involvement in crypto assets. Elon Musck did praise Dogecoin and BTC but there is no Tesla that was bought for Bitcoin till now.
It has to be mentioned that in the US, the IRS did include brand new guidelines that recognize taxable events. You cannot transfer BTC and receive services or goods without having to recognize the taxable income. Even so, Bitcoin is great for the high-end transfers. Transactions of $1 billion in value are done with very low fees.
It is expected that Tesla will also incorporate BTC payments in the future but it is Karma that did it first. This might change the luxury auto market as we know it.
