Karma To Double Its Retail Presence, Expand To 20 Countries
Karma Automotive will be present on five continents and introduce a variety of new all-electric vehicles (from 2021 on).
Karma Automotive announced a significant expansion of its retail footprint, ahead of the market launch of new Karma Revero GT and all-electric models hinted by Karma SC1 Vision Concept.
The Southern California-based company was currently focused on the U.S. market, but by 2020 it intends to double its presence in the U.S. to 13 new cities and add 19 new countries on five continents.
“The automaker is currently represented by 18 retail partners in the U.S., Canada and Chile. Karma’s growth plans will take the company from one continent in 2018, to five continents this year and next before bringing the brand to China in 2021”
“In the U.S., Karma is pursuing new retail agreements with specialized luxury retailers in several key Western and East Coast markets. Beyond Karma’s home market, the company is implementing expanded export operations in North Africa, South America, the Middle East, Asia, and Europe.
The company is also accelerating plans to establish a dedicated European-based operation before the end of 2019 to help manage the brand’s expanding presence and growth plans across the continent.”
The bigger retail network will be a foundation for the upcoming product expansion by the new plug-in hybrid (Revero GT) and all-electric models, based on a new global platform, scheduled for 2021.
The press release suggests that the all-electric models could be the ultimate solution for the company.
“The retail growth plans are an important precursor to the U.S. launch later this year of Karma’s 2020 Revero GT luxury electric vehicle to be followed by all-new fully-electrified global platform in 2021. The new architecture is previewed by Karma’s SC1 Vision concept, a signpost to Karma’s future technical and direction and a recognition of the future state of the luxury electric vehicle market that’s still based on stunning design proportions. The company’s new full-BEV program will spawn a variety of new vehicles and is designed to provide a long-term sustainable foundation for the company.
By establishing Karma in the U.S. first, the world’s most demanding luxury market, Karma CEO Dr. Lance Zhou says he believes the company can succeed anywhere.”
Karma CEO Dr. Lance Zhou said:
“Karma was born and is deeply rooted in California but we are a global company. We are continually evaluating growth opportunities for the brand as we make a measured rollout of our products to additional export markets. We will soon be live in Europe, North Africa, the Middle East and then China.”
“To win in our luxury electric vehicle niche, it’s not enough to simply offer a great product and owner experience, we must also be sure we establish distribution points in the right places. By gradually expanding our presence this way I am confident our company – and our products – will be well prepared for the world’s discerning luxury buyer of the future.”
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