Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
Automotive

Tesla sets up insurance broker company in China to provide better financial services

Staff ReporterBy Staff ReporterPublished August 12, 2020 on August 12, 2020
Tesla sets up insurance broker company in China to provide better financial services
Image credit: Investors.com
Share
Reddit Facebook Twitter LinkedIn Pinterest WhatsApp Email

Tesla Motors set up an insurance broker company in Shanghai on August 6, 2020. According to regulatory filings, it was listed on the National Enterprise Credit Information Publicity System of China, reportedly with a principal capital of 50 million Yuan. Moreover, The address of this company matches that of Tesla’s Shanghai Gigafactory. 

The business scope of this company is listed as “insurance brokerage”, and it is owned by Tesla Motors Hong Kong Ltd. Zhu Xiaotong will be the person-in-charge and the legal representative for this insurance brokerage service.

Tesla introduced this insurance service in California last year, but it saw a shaky start. However, the company has since shown interest in spreading the insurance service to other American states and other nations as well. 

In July, following a full-year of profits, Elon Musk was reported to have been speaking to investors about “building a great, like a major insurance company”. Musk wants to use the data gathered from their vehicles to offer cheaper premiums than traditional insurers. He said, “At the heart of being competitive with insurance is what is the accuracy of your information.”

During the launch of the same service in California, Tesla, through its blog said “Starting today, we’re launching Tesla Insurance, a competitively priced insurance offering designed to provide Tesla owners with up to 20% lower rates, and in some cases as much as 30%. Tesla Insurance offers comprehensive coverage and claims management to support our customers in California, and it will expand to additional U.S. states in the future.” 

Why Tesla set up an insurance broker company

With the introduction of its own Car Wrap service in China last week, and an insurance broker company now, Tesla seems to be on a mission to build an all-in-one automobile service. 

This financial guide would provide advice in the interest of Tesla’s clients, and often act on their behalf. It would help the client identify their financial risks. A broker company would bring customers to insurance companies, while also guiding those same customers regarding their finances. 

Automotive Financial Services Tesla
Disclaimer
Read More Read Less
The information provided on this website shouldn’t be considered as investment, tax, legal, or trading advice. Morning Tick is not an investment advisory platform, nor do we intend to be. The publication, its’s management team, or authored-by-line doesn’t seem liable for your personal financial losses, which may be due to your panic decisions based on the content we published. We strongly recommend considering our stories as just a piece of information, unlike advice, recommendations, or requests. Some of the contents may get outdated, updated, or inaccurate despite our profound editorial policies. We urge readers to do their due diligence before making any investments decision with ongoing IDOs, ICOs, IEOs, or any other kind of financial offerings. Few outbound links may be commissioned or affiliated, which helps us grow financially and maintain healthy editorial norms. For more information, visit disclaimer page.
Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
Previous ArticleTesla announces 5:1 stock split to boost individual investment
Next Article German VC La Famiglia announces €50m fund to back upcoming European B2B startups
Staff Reporter
  • Facebook
  • Twitter
  • Tumblr

Staff reporter brings the latest financial technology, cybersecurity news and tech updates.

Recommended Posts

Tesla’s bitcoin holdings stands at $2.5bn, SEC filings show

April 28, 2021

As XRP slumps below $0.30 once again, will it ever hit $1?

January 14, 2021

UK Challenger Bank Revolut applies for British banking license

January 11, 2021

Goldman Sachs and Aramco-backed fintech Wahed takes over UK-based Niyah

December 17, 2020
Add A Comment

Comments are closed.

Latest

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

8 mins ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 weeks ago

KX.finance announces upcoming DeFi/DEX aggregator launch on APTOS/SUI blockchain

3 months ago

HyperBC Group unveils Zero interest Crypto Credit Card HyperCard, obtains Lithuanian Financial License

3 months ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

3 months ago
Morning Tick
Facebook Twitter Instagram Pinterest RSS
  • About Us
  • Press Toolkit
  • Disclaimer
  • Contact Us
  • Privacy Policy
  • Sitemap
© 2022 Morning Tick. Disclaimer: The information provided on this website shouldn't be considered as investment, tax, legal, or trading advice.

Type above and press Enter to search. Press Esc to cancel.