Tesla set up an insurance brokerage company in China on August 6 with a registered capital of 50 million yuan, regulatory documents show.
The company, whose legal representative is Zhu Xiaotong, Tesla's global vice president and head of Greater China, operates in the insurance brokerage business.
Its registered address is the second floor of 5000 Jiangshan Road, the site of Tesla's Shanghai Gigafactory, in the Lingang New Area of China (Shanghai) Pilot Free Trade Zone, and it is 100% owned by Tesla Motors Hong Kong Ltd.
Tesla launched its insurance business in California last year, and during an earnings call in the second quarter of this year, the company's CFO Zachary Kirkhorn said in response to an analyst's question that they were working on insurance products related to in-car information systems products.
He mentioned at the time that the data could be captured with the car and used in the driver's driving profile to be able to assess the relevance and likelihood of a crash, and thus how much the user would have to pay in premiums each month.
This new version will soon be filed with regulators in a handful of U.S. states, and if approvals go smoothly, the company hopes to make this happen in a handful of states by the end of the year.
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