Tesla registers insurance business in China, looking to expand in foreign markets

Tesla has registered an insurance brokerage in China, hinting the company could be looking to expand this portion of its business into foreign markets as it continues to grow in the United States.

Tesla registered the insurance brokerage, which is located in Beijing, on July 30 with a registered capital of 50 million yuan, or roughly $6.9 million, according to a report from Reuters.

The insurance brokerage was registered into the National Enterprise Credit Information Publicity System, the report said.

It is not the first time Tesla has looked to sell its insurance products in China, as it registered the business roughly three years ago but removed the registration earlier this year.

Tesla expands insurance initiative outside U.S., looks to become full-service car company

Tesla’s in-house insurance brand launched back in 2019, and has expanded to twelve states in the U.S. since. It aimed to bring down pricey rates from other providers by offering its own insurance service, and it has looked to push it to more states in the U.S. and regions throughout the world.

Last year, Tesla started looking for a Legal Counsel for its European insurance operations as it had an office in the U.K., but it’s not the only place it has tried to expand outside the U.S.

Tesla also partnered with Zurich late last month to bring insurance to Australia.

Although some Tesla drivers have switched to the company’s in-house offering, not all are thrilled with the results.

Last year, Tesla customers sued the automaker in a claim that the company used “false” crash warnings to inflate insurance premiums instead of collection actual driver behaviors. Tesla uses telematics, or real-time driving data, to determine premiums in 11 of the 12 states in the U.S. where it is active. California does not allow telematics as it looks at it as an invasion of privacy.

The judge handling the case refused to throw it out and said it would be tried. Tesla was recently given an extension to prepare for the lawsuit.

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