Tesla has registered an insurance brokerage firm in China, according to data from the National Enterprise Credit Information Public System. The move is a sign that the company may once again seek approval to sell insurance products like its Tesla Insurance in the country.
The data showed that the new company, based in Beijing’s central business district, was set up on July 30 with a registered capital of RMB 50 million ($6.92 million), according to Asia Financial. It is another step toward bringing Tesla Insurance to the Chinese market.
Tesla sought regulatory approval to sell insurance products in China more than three years ago when it registered the company in 2020. However, it withdrew that registration in April this year for unclear reasons. The news of the insurance brokerage firm’s establishment suggests that the company may have addressed some of the issues that have previously hampered its entry into China.
Existing insurance companies offer very unfavorable rates to Tesla owners. At the same time, Tesla is well-positioned to offer the best rates to its customers. By selling insurance directly to consumers, the company could potentially offer cheaper EV insurance products, as we have seen in the US.
China has been significantly expanding its support for Tesla lately. This comes as the company plans to build a data training center for its self-driving system and roll out its Full Self Driving (FSD) software in the country later this year.
Tesla received approval from a top auto industry association in April, which said its data collection by its fleets in China was compliant. Tesla cars have since been allowed into some government and military facilities where they were previously banned.
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