Tesla has registered an insurance broking firm in China, reported Reuters citing a national corporate information database.
This move indicates that Tesla may be attempting once again to gain approval to sell insurance products in the country, said Reuters. The new company, located in Beijing, was established on 30 July with a registered capital of CNY50m ($6.92m), as shown by the National Enterprise Credit Information Publicity System.
Tesla had previously sought regulatory approval to sell insurance products in China more than three years ago, registering a company in 2020 but removing that registration in April this year.
Tesla’s biggest Chinese rival BYD was approved to take over a bankrupt online insurer E’ An P&C Insurance in May 2023 and has renamed it Shenzhen BYD Insurance.
Other electric vehicle manufacturers have established or acquired insurance brokerages. An example is NIO which acquired Huiding Insurance in December 2022 and renamed it NIO Insurance last year.