Chinese electric vehicle company Motors has set up a new company in Tianjin to provide financial and insurance services, local media reported.

Tianjin Xpeng Motors Commercial Factoring Co. Ltd. received approval from the Tianjin Finance Bureau for its establishment and recently completed its company registration, according to local news site

Xpeng was founded in 2014 and is in the first tier of China's new car-making forces.

The company's self-owned finance and insurance services are dedicated to exporting financial services to its ecosystem in order to leverage innovative financial technology and bring a smarter service experience to customers, the report said.

In 2020, Xpeng accumulated 27,041 deliveries, with 5,700 units delivered in December. in August 2020, Xpeng was listed on the New York Stock Exchange and currently maintains a market capitalization of more than $30 billion.

In August last year, also established Tesla Insurance Brokers Ltd. with the registered address of Tesla Shanghai Gigafactory.

Tesla has been concerned about the insurance business for a long time. As early as 2016, Tesla launched the InsureMyTesla program in Australia and Hong Kong, and in 2017, the business was expanded to North America.

In August 2019, Tesla officially launched its insurance business in California, USA. Tesla says its insurance products will be priced 20-30% below industry prices. It currently only supports California users and will expand to other states in the future.

(File photo from Xpeng)