Le Lézard
Classified in: Environment, Transportation, Science and technology, Business
Subject: CXP

Karma Set To Expand European Retail Network In Germany, Switzerland And Austria

IRVINE, Calif., July 6, 2020 /PRNewswire/ -- Karma Automotive, the Southern California-based creator of luxury electric vehicles and high-tech incubator, announced today it will start to expand its European business in Germany, Switzerland and Austria.

Karma's presence in the DACH region will further underline the brand's international growth plans, as its global retail network remains on track to expand to five continents in 2020. Karma already signed partnerships with dealers in the Netherlands, Sweden, France, Spain and Portugal and aims to be represented in all major European markets by year-end.

"With strong domestic automotive brands, Germany has always been a very challenging market for foreign competition, but the unprecedented transformation process the Germany industry is currently undergoing presents high-tech companies like Karma many opportunities. With a shift to electric mobility the time is right to lay the groundwork, build the required capabilities, and capture near-term opportunities. We are currently in discussion with a number of potential retail partners in Germany as well as Switzerland and Austria who have the ability of meeting evolving consumer expectations alongside Karma's distinct design and technology offerings," says Rogier Kroymans, Karma's VP European Sales and Network Development.

German industry has made a notable shift and is now fully embracing the energy transition it is on the road to cutting emissions by 80 to 95 percent by 2050, Germany's official target. Switzerland pledged to cut its greenhouse gas emissions by 50% below 1990 levels by 2030, including by investing heavily in carbon-cutting projects abroad. It also set an indicative emissions reduction target of 70-85% by 2050. Austria's 2030 target for reducing its greenhouse gas emissions is -36% compared to 2005.

The first model to arrive at dealerships in the DACH region is the Revero, Karma's original luxury electric vehicle powered by dual electric motors. The Revero is the first model in a rapidly growing portfolio, with smart range extending technology and a stunning presence.

It features an efficient four-cylinder turbocharged engine which powers an on-board electric generator to enhance overall vehicle performance. Ahead of future products arriving in Europe in 2021, Karma will offer a limited number of the automaker's original Revero.

Karma Automotive is wholly owned by the Wanxiang group, one of China's largest suppliers of automotive components.

All Revero vehicles are built largely by hand at Karma's Innovation and Customization Center (KICC), a $100 million manufacturing facility in Moreno Valley, California.

About Karma 
Karma is more than just a car company. Although we are best known as a creator of luxury electric vehicles, Karma has emerged as a high-tech incubator offering innovators a perfect platform to prove their emerging technologies. Founded in 2014, Karma is reinventing the traditional retail-based automotive business model by opening its engineering, design, customization and manufacturing resources to other companies looking to speed product development, access new technology, or make their products more luxurious. The Revero is a luxury electric vehicle powered by dual electric motors that embodies Karma's goals of offering leading automotive design, technology, customization and an outstanding customer experience. Every Revero is created with great individual care and world-class craftsmanship at the Karma Innovation and Customization Center in Moreno Valley, California.

Interested EU retail partners are invited to contact Rogier Kroymans at RKroymans@karmaautomotive.com.

SOURCE Karma Automotive

These press releases may also interest you

4 aoû 2020
The global explosive detection equipment market size is expected to grow by USD 2.72 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half...

4 aoû 2020
Technavio has been monitoring the air charter services market and it is poised to grow by USD 7.35 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period. The report offers an up-to-date analysis regarding the current...

4 aoû 2020
Axis Auto Finance Inc. ("Axis" or the "Company"), Canada's fastest growing publicly-traded sub-prime automotive finance company, is pleased to announce that it has renewed it's senior secured credit facility through December 31, 2020....

4 aoû 2020
Whenever we try to sell something, we want to get the best deal possible. This means we want the most money and fast and easy as we can. Now is the right time to sell your junk car for scrap metal. Due to country shut down, slowed manufacturing, and...

4 aoû 2020
Technavio has been monitoring the in-flight entertainment systems market and it is poised to grow by USD 347.17 million during 2020-2024, progressing at a CAGR of over 1% during the forecast period. The report offers an up-to-date analysis regarding...

4 aoû 2020
The "Emerging Trends in the European Digital Used Passenger Vehicles Market, 2020" report has been added to ResearchAndMarkets.com's offering. As more and more digitally native customers look to purchase a vehicle, the competition and business...

News published on 6 july 2020 at 13:00 and distributed by: