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Daymak to launch electric car that mines cryptocurrency

Aldo Baiocchi, Daymak Founder & President joins the Yahoo Finance Live panel to discuss Daymak launching an electric car that mines cryptocurrency.

Video Transcript

ZACK GUZMAN: In today's crypto corner, when you think EVs and crypto, you might immediately be drawn to Tesla and Elon Musk. But of course, earlier this year, we saw the about-face when it came to how that company viewed crypto. And what if I told you there was a different EV company out there looking to let customers mine crypto using their electric vehicle? That's exactly what Daymak is working on right now with the launch and build out of their light electric vehicle. And happy to welcome on the founder and president of Daymak, Aldo Baiocchi joins us right now.

And Aldo, it's interesting. Because we talk about technology already enabled in a lot of these vehicles. You guys haven't rolled out the car yet, the Spiritus, as it's called. But the technology you announced is going to allow people to mine crypto. Why'd you want to put that in there?

ALDO BAIOCCHI: Well I believe in crypto is the future. And so I always been interested in crypto. And I think that in the future, we'll see a lot more of it replacing banks and transactions. So it was just logical that since the car comes with computers on board, and most cars as you know they depreciate. And you're using a car one hour a day more or less. So our car 23 hours a day, you'll be making money. Could be between $5.00 to $12 depending obviously on crypto prices.

But this could offset the price of the leasing per month or you can use that money for your drive-through coffee or your tools or whatever you like.

ZACK GUZMAN: That's a pretty interesting concept here. You haven't ruled them out yet. But you've been taking preorders here for these bad boys, expected to launch in 2023. And two different price points. You got one that kind of runs a little slower there and 20K, a faster one at 150K. But importantly, you're accepting pre-order payments in crypto, including Doge, Ethereum, Cardano, and Bitcoin. Talk to me about what you've seen when it comes to pre-orders generally, and then I guess also what you've seen on the crypto front.

ALDO BAIOCCHI: Yeah, so we've been around for 20 years, Daymak. We have sold over 100,000 electric vehicle, mostly electric bikes, and mobility scooters, and ATVs, all electric. And so we decided to launch this new series of product called the Daymak Avvenire, which is made of six products last seen in March. And so far, we racked over $900 million of orders between retail and also distributions letter of intents. And since we announced, we have two technologies. One is the on data wireless technology, which is the most efficient wireless technology available for light electric vehicles, especially in a smaller size.

And the second one is the crypto technology that we've launched is the patent depending on the nebula software, which integrates with the mining software and the hardware in the car. And we decided to go with that. Since then, like I said, we launched in March and we're now at over $900 million in pre-orders. And we're about to hit a billion. So we've proven that there's a market. There's a demand for these products. And now we're going to go shop around for financing to go to the next level.

AKIKO FUJITA: What's the long term goal? How much of the EV market are you looking to capture? And what's the price point when we're talking specifically about this car that allows for crypto mining?

ALDO BAIOCCHI: Well we're aiming to be number one in the three wheeled electric vehicle market, which is a different segment from the four wheel obviously. We also aim to become number one on the small electric vehicles, which is ATVs, mobility scooters, and e-bikes. These are all great potential markets. And with the crypto technology, a lot of people have no idea still today what it can do. But just to give an example, as for crypto, I'm allowed to do only $2,000 of email transfers by my bank and a maximum $10,000 a month.

Last Saturday, I made three payments, two in Ethereum and one Doge to three different suppliers across the planet. And I did it in minutes, which is fantastic. So a lot of people still have no idea what's coming. And I think it's just going to go better and better. And we are leading edge in the mining. It gives us an edge over everybody else. Nobody's doing it.

ZACK GUZMAN: Yeah, I'm not sure if Elon's watching this right now. But it does seem like the crypto world's been desperate for someone in EVs who really gets it. And interesting, it's fascinating to see you guys kind of rolling this out. But I mean, what has the enthusiasm been like though? Because we keep hearing people don't necessarily want to use crypto for transactions. You had Doge explode this year. So you got Doge millionaires running around who might want to look for a car company that gets it. So I mean, are you seeing kind of that overlap start to happen there?

ALDO BAIOCCHI: Yeah, I mean I love Elon Musk. So he's a genius obviously. He's also behind Doge. And I love Doge. He actually made me buy a lot of Doge. Thanks to him. So I'm very familiar with the story. And I think if he's behind something like crypto, it's like buying the Tesla stock in 2013, which I should have and kept it. But I did not. But this is the same opportunity. It's just that he sees the potential. There's a good reason why he sees the potential. And I see the same potential as well. So I think we're at early stages as well. And Doge is actually one of my favorite coins. But I do also have Ethereum, Bitcoin, and Solana. But it doesn't matter what it is really.

Doge is for the average person. But the potential is fantastic.

ZACK GUZMAN: Well it's fascinating to see it move forward here. And I mean, I like the car. I like looking at that. Might have to take a closer look. But it's not just a car here. It's mining as well. So fascinating to see it all come together. Aldo Baiocchi, Daymak founder and president. Appreciate you coming on here to chat with us today. Keep us posted as you see those orders roll in. Appreciate the time.