Luxury electric vehicle-maker Karma Automotive announced pricing for its first all-electric car will start at $79,900, as the company prepares to take on Tesla and break out in the burgeoning upscale electric vehicle market.

The car can be reserved for a fully-refundable $100 deposit on their website. The design for the Karma GSe Series sedan has yet to be released but the company said it would retain the low-slung sporty profile of the company's signature car, the Revero GT, with a powertrain configuration, 21-inch wheels and vegan leather interior standard. Karma said its range will be "north of 300 miles."

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Electric car startup Canoo announced Tuesday plans to go public in a deal that values the company at $2.4 billion. It will be the fourth carmaker to do so this year as the industry rides on Tesla's soaring Wall Street valuations.

The merger with Hennessy Capital Acquisition, a special purpose acquisition company, gives Canoo access to $600 million that will help it produce and launch its first commercial vehicle by 2022.

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Luxury electric car company Karma is in talks with investment banks to help it go public, company officials told dot.LA.

Karma is hoping to ride the Tesla wave of success and capitalize on the soaring valuations of its competitors.

"We want to take advantage of the fact that the market is red hot right now, so we want to be fast," said Mikael Elley, chief of staff at Karma Automotive.

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