TEDA acquired EV.com and plans to develop a metaverse for electronic vehicles.

A company with offices in Canada and China has big plans after spending a lot of money to acquire the valuable domain name EV.com.

TEDA International Auto Group wouldn’t verify the exact price it paid for the domain but told us that it was most recently listed for $8.5 million. It said the deal was all cash, although I can’t independently verify that. It’s a safe bet that this was a seven figure transaction.

The company, which currently trades luxury cars and offers auto financing, has big plans for the domain. As the name suggests, it will focus on electronic vehicles. This includes sales and car subscriptions without multi-year contracts. It hopes to extend beyond just cars as battery technology expands.

It also plans to make this a metaverse play, and the use case here is compelling. Essentially, it wants to make it possible for dealers and automakers to build virtual showrooms in a metaverse.

TEDA bought instant credibility with its domain name, which should help it launch and gain partners in an increasingly crowded field.