American electric vehicle and clean energy company Tesla has reportedly set up an insurance broking firm in China to offer insurance to Tesla owners in the country.
According to a report by China Daily, the new company was listed on the National Enterprise Credit Information Publicity System of China, with a principal capital of CNY50m ($7.2m).
It is registered in Lingang New Area of China (Shanghai) Pilot Free Trade Zone, where the Tesla ‘Gigafactory’ is located.
The filing reportedly named Tesla global vice-president and Tesla China head Zhu Xiaotongas legal representative of the insurance brokerage company, which is 100% owned by Tesla Motors HK.
As per the regulatory filing, the brokerage was established on 6 Aug and it can operate through 5 Aug 2050.
Last year, Tesla launched its insurance offering in California, US. The company partnered with State National Insurance Company, a subsidiary of Markel, to roll out the motor insurance product.
At present, Tesla’s insurance is limited to its own vehicles and does not cover commercial use including ride-sharing or car-sharing services.
Reportedly, the company is prepping up to debut its insurance offerings for electric cars in other US states and in Europe too.